Malcolm Jackman to leave Coates

Coates Hire chief executive officer Malcolm Jackman is to leave the company in mid-July, to be replaced on an interim basis by Ray Romano, chairman of National Hire Group.

Mr Jackman’s surprise departure follows last year’s acquisition of Coates Hire by National Hire and Carlyle Group. Mr Jackman has led the integration of Coates Hire and National Hire’s rental business and was expected to continue to lead the enlarged rental group.

In a statement to Coates Hire employees, Mr Jackman said; “After five years leading the growth of Coates and more recently driving the Coates/National Hire merger process, and after discussions with the board and, shareholders and family as to what is best for both my future career and the company's future, I have decided to leave the role of Chief Executive Officer.

“I have long been of the view that a five year tenure for a chief executive officer at any one company is long enough for both the company and the individual.”

Mr Jackman said the business was now at a point where a change of CEO could be made successfully, in terms of its performance and progress on integration with National Hire.

Coates Hire will continue to employ Mr Jackman as a consultant for the next 12 months, with National Hire chairman Ray Romano stepping in as interim chief executive.