Geoff Drabble, CEO of Asthead plc, parent company of Sunbelt Rentals, plans to step down from his position at the end of its fiscal year May 1, 2019. Current Sunbelt Rentals CEO Brendan Horgan will take over Ashtead’s top spot. Drabble will remain with the company until Nov. 30, 2019, the company said, thus ensuring a smooth transition.

Sunbelt Rentals accounted for 87 percent of the group’s revenues during the past fiscal year, with the remainder coming from U.K. plant hire company A-Plant. Drabble has been Ashtead’s CEO since 2007.

“It has been a pleasure to work with Geoff and on behalf of the board I want to thank him for his extraordinary contribution to the group,” said Paul Walker, Ashtead chairman. “In the past 12 years Geoff has been an inspirational leader, has transformed Ashtead into one of the biggest and most successful rental companies in the world and importantly has delivered significant returns for our shareholders.

“I would like to congratulate Brendan on his well-deserved promotion to chief executive of the group. Brendan has played a key role in developing and executing Sunbelt’s roll out strategy across North America, which has delivered many years of exceptional results. I look forward to continuing to work with him on successfully delivering the Group’s strategy.”

“It has been a privilege to work with the many talented people that make up the Ashtead team,” said Drabble. “I am grateful to have enjoyed their support in building a world class rental business that has enormous potential to prosper further. I look forward to continuing to work closely with Brendan over the coming months to ensure a smooth handover and I am confident that he will lead the group to even greater success in the future.”

“I am honoured that the Board has chosen me to succeed Geoff as CEO," said Horgan. "I believe the group has a tremendous future as it continues to expand and look forward to working with the team to capture the enormous opportunities we see ahead."

No announcement was made on who would succeed Horgan at Sunbelt.

Ashtead plc is headquartered in London. Sunbelt Rentals, based in Fort Mill, S.C., is No. 2 on the RER 100, with more than $3.8 billion in rental revenue and $4.1 billion in total revenue in its last reported year. It has about 700 U.S. rental locations. Horgan has led Sunbelt during a period of exceptional growth as Drabble has led the entire group.