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Agriculture and engineering group Carr’s has kicked off a search for a new CEO after Peter Page decided to step down from the helm next year.

The current boss agreed with the board not to seek re-election at the group’s next AGM, expected to take place in January, and will step down from the position following the meeting.

Page joined Carr’s in November 2019, stepping up to the role of non-executive chairman in January 2020. He took on the interim role as executive chairman in October 2021 before being appointed as CEO in February this year.

The board is initiating plans for Page’s succession in accordance with its strategy and future leadership requirements and further announcements will be made in “due course”, according to a stock exchange statement this morning.

Carr’s chairman Tim Jones thanked Page for “skilfully navigating the business through a number of difficult and challenging years”.

“Peter will leave the group with a strong balance sheet, an engineering division with a strong order book and a speciality agriculture division poised for long-term growth when its end markets recover.”

Page added: “I would like to thank all of my colleagues at Carr’s with whom I have worked over the recent years. I will support the board in the completion of key milestones before ensuring an orderly handover to my successor.”

Shares in Carr’s dropped 1.8% to 123p this morning.

Morning update

It’s a quiet start to the week in the City as the summer holidays continue.

The FTSE 100 opened 0.3% lower at 7,542.21pts.

Early risers in food and drink includ Premier Foods, up 2.6% to 125.6p, SSP Group, up 1.6% to 244.2p, Cranswick, up 1.4% to 3,420.8p, and McBride, up 1.2% to 44.5p.

Just Eat Takeaway, Ocado and Haleon are among the early fallers, down 2.4% to 1,293p, 2% to 846p and 1.9% to 330p respectively.

This week in the City

It’s looking significantly quieter this week.

Tomorrow morning brings the latest retail sales figures for July from the BRC and KPMG, while the Barclays consumer spending card data is also due out.

Hellenic Coke bottle Coca-Cola HBC files interims on Wednesday morning.

And Deliveroo publishes its half-year results on Thursday.