McColl's begins search for new chief executive
The company has begun a search for his successor, with Lancaster remaining in post until a replacement is identified.
In a statement, McColl’s also said that the board had asked Lancaster to take over as non-executive chairman and that he had agreed to carry out the role until the AGM in April 2017.
Meanwhile, Sharon Brown will carry on working as interim chairman until Lancaster takes up his new position. The board will also seek to appoint a further independent non-executive director to support the growth of the business.
Commenting on his decision to step down, Lancaster said: "I have led the business through two MBOs, numerous acquisitions and in 2014 a successful IPO, since when we have accelerated our convenience development strategy and made tremendous progress on introducing food to go.
“With our goal of 1000 convenience stores now well in sight, I believe the time is right for me to step down as chief executive. I am delighted to take on the role of non-executive chairman and I look forward to working with the new CEO in due course, and to developing other business opportunities."
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