Ashtead Group has announced that its chief financial officer (CFO), Michael Pratt, has notified the board of his intention to retire in September 2025.

The industrial equipment rental company has also revealed that Alex Pease will join the group in October as CFO Designate, as part of the firm’s long-term succession planning.

Pease was most recently CFO of WestRock Company from 2021 until its recent merger with Smurfit Kappa, and before that served as CFO for three other public companies.

He will be based in Fort Mill, South Carolina, and Ashtead also confirmed that both Pease and Pratt will work closely over the coming months to ensure a seamless transition.

“On behalf of the board, I would like to thank Michael for his relentless commitment to the organisation’s success and many contributions he has made to the group over the last 21 years in a variety of senior finance roles and as CFO since 2018,” Ashtead chief executive, Brendan Horgan, commented.

“Through Michael’s financial leadership, we have enhanced our balance sheet and financial capabilities to a position which provides us with great flexibility and optionality to grow and improve this business over the years to come.

“I look forward to Alex joining the group in October. He brings with him over 20 years of experience in finance, corporate strategy, M&A, capital markets, portfolio optimisation and broad-based business transformation.”

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