CEO stands down as Target hits new highs
Paul Murray is standing down as CEO of express delivery company Target after exactly seven years in the role.
Chief operating officer Petar Cvetkovic, appointed two-anda-half years ago, will replace him but Murray will stay with the business full-time for a fourmonth handover period. He will continue long-term two days a week as a non-executive director, helping to shape the future strategy of “a company I have so much affection for”.
Murray spent six years as UK and Ireland MD for FedEx before joining Target and launching an immediate MBO in early 1998. Under his tenure, the company has doubled its turnover and, eight months into its financial year, looks likely to exceed £140m this year.
“The timing is right as the financials are absolutely superb, ” he told IFW. “We have been achieving record volumes and profits in recent weeks.
This will be our best year for five years, and possibly our best ever.” The appointment of Cvetkovic, former UK MD of Norbert Dentressangle and DFDS Logistics, was part of a structured succession plan, Murray said.
“I have planned this for a while – I’m a huge believer in succession management.” Further changes to the management structure will be announced in the new year, but CFO Keith Broom will be staying on with increased responsibilities. “We are the only three executive directors and we have been a formidable team, ” Murray said.
Posted: 20/12/2004
