(Bloomberg) -- Ashtead Group named an American to replace its British chief financial officer next year, in another shift toward the US for the London-listed equipment-rental firm.
Alex Pease, the former CFO of WestRock Co., will replace the retiring Michael Pratt in September 2025, Ashtead said Tuesday in a statement. The 52-year-old executive will start in October as CFO-designate and be based in Fort Mill, South Carolina, alongside Ashtead’s American chief executive officer, Brendan Horgan.
The leadership change follows a report in the Telegraph newspaper earlier this year that Ashtead was considering swapping its London listing for New York.
Ashtead, with a market value of £24.2 billion ($31.8 billion), is the 25th-biggest blue chip stock in London. Any move would be a blow to the UK after companies such as concrete maker CRH Plc and travel business TUI AG switched to the US and Germany, respectively.
“Ashtead reviews its capital structure regularly, including its domicile, recognising the fact that 90% of its business is in the US,” the company said in an email on Tuesday, reiterating its earlier response to reports on its listing.
CEO Horgan, who is based in South Carolina, took over in 2019 after leading the company’s Sunbelt Rentals unit.
“I can’t imagine a situation whereas our next CFO would not be based right here next to our executive team in the US,” Horgan said on a call with analysts. “So no one should read any further into that than simply if this were two years ago or even five years ago for that matter, we would have more than likely landed right where we are.”
Ashtead confirmed its financial outlook for the fiscal year on Tuesday, with group revenue expected to grow by 5% to 8%. The shares rose 3.3% as of 9:37 a.m. in London.
Ashtead’s US revenue was more than $2.3 billion in its first quarter, compared with just £186 million in the UK.
--With assistance from Sabah Meddings.
(Updates with CEO comment in sixth paragraph.)
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