Mr Coates said: "By next spring I will have served six years on the board, five and a half of which will have been as Chairman. It has been a time I have enjoyed enormously and one in which the business has gone from strength to strength.
"However, in line with the recommendations of the combined code in relation to length of tenure for a non-executive director, earlier in the year I asked the nominations committee chairman to lead the appropriate succession process. I am delighted that the
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