Michael 2016 landscape

Source: Bibby Line Group

Bibby served as MD of the group for 19 years and is currently a non-executive member of the board

Costcutter owner Bibby Line Group has announced Sir Michael Bibby as the new chairman to succeed Paul Drechsler.

Bibby takes over from Drechsler on 19 June when the current chairman leaves the group after five years in the position.

Bibby previously served as MD of the Liverpool-headquartered group for 19 years and is currently a non-executive member of the board.

“The company has come through a very difficult time in our trading history and I look forward to working closely with the executive team to grow and develop the group through our core businesses, as we seek to meet the challenges and capitalise on the opportunities provided by a rapidly changing business landscape,” Bibby said.

“I would like to thank Paul for his unending drive, motivation, professionalism and wise counsel as chairman over the past five years and hope he does not miss his trips up to Liverpool.”

Drechsler added: “I am delighted that once again the chairmanship of Bibby Line Group will be in the hands of a Bibby family member. Sir Michael knows the businesses well, is a great champion of the group’s ‘Giving Something Back’ CSR charity programme, and like colleagues across the group lives the company values.

“It has been a pleasure to work with the Bibby family, board directors and colleagues across the businesses. I thank them all for their support, team spirit and commitment, which has ensured the business will successfully transition to the next chapter in its proud history.”

Most recently, Bibby has been president of the UK Chamber of Shipping and chairman of Charities Trust and the Institute of Family Business Research Foundation.

Bibby Line Group operates in 16 countries, employing about 4,000 staff in retail, financial services, distribution, marine and construction equipment hire.