05.06.2008

Jackman to quit Coates

Malcolm Jackman chief executive of Coates Hire in Australia, is to leave the company next month. He will be replaced on an interim basis by Ray Romano, chairman of National Hire Group.

Jackman’s sudden departure follows last year’s acquisition of Coates Hire by National Hire and the Carlyle Group. Jackman was expected to head the merged group.

In a statement to employees, 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.”

Jackman will remain on the Coates Hire payroll as a consultant for the next 12 months.