Renishaw chair Sir David McMurtry to step down

Sir David McMurtry, the billionaire co-founder of Gloucestershire engineering firm Renishaw, is to step down as executive chairman.

In a stock market announcement on Thursday (June 13), the Wotton-under-Edge-based firm said Sir David would remain on the board as a non-executive director.

The 84-year-old co-founded Renishaw more than 50 years ago with John Deer. Its first product - a touch-trigger probe - was invented by Sir David to solve a specific inspection requirement for the Olympus engines used in Concorde.

Sir David, who was named in the Sunday Times Rich List for 2024, will also step down from the company's nomination committee, Renishaw said.

Former University of Cardiff vice-chancellor Sir David Grant, a senior independent director who already sits on the board, will become interim executive chairman. He will also take the helm of Renishaw's nomination committee, but will step down from the audit and remuneration committees.

Meanwhile, Richard McMurtry - Sir David McMurtry's son - has been appointed as a non-executive director. The company is also currently looking for an another independent non-executive director to join the board, it said.

The changes are expected to be effective from July 1, subject to necessary approvals.

According to Forbes, Irish-born Sir David has invented or co-invented more than 150 of the company's products. He was knighted in 2001 and stepped down as the firm's chief executive in 2018.