Michael Heseltine to end fifty years at the helm of Haymarket

Lord Heseltine will relinquish his role as executive chairman in January 2010, bringing to an end more than fifty years at the helm of the company he founded in 1957. The announcement was made in an email to staff this afternoon.

He will continue in his role as chairman of Haymarket Group, the holding company for Haymarket Media Group, but will hand over complete day-to-day running of Haymarket's international publishing and events operation to his son Rupert Heseltine, who joined the company in 1994 and in 2005 was made deputy chairman.

Rupert Heseltine said it was an honour to be taking over from his father.

"I look forward to working closely with William [Pecover] and Kevin [Costello] in developing the business and thank Michael for his trust and confidence in me. Michael has led us through recent difficult times and it will be an honour to assume this role for Haymarket Media Group," he said.

The change is part of a wider restructure of the senior management team at Haymarket, publisher of Brand Republic.

Alan Kemp, business development director of Haymarket Media Group, will step down from his position in January but will remain on the Group Board as a non-executive director. Haymarket is not looking to appoint a direct replacement.

Kevin Costello, chairman and managing director of Haymarket Consumer Media, and chairman of Haymarket Network, will assume responsibility as group managing director for all UK businesses, as well as India, Australia, Germany and Hong Kong.

Costello effectively assumes the responsibilities of Eric Verdon-Roe, who stood down from the group managing director position in 2008 due to ill health.

William Pecover will remain the managing director of Haymarket's North and South American operations. Both MDs will report to Rupert Heseltine.