Compass Group's group chief executive Richard Cousins, 58, is to set down from his role on 31 March 2018 and retire from the group next year, on 30 September 2018.
Current chief operating officer Europe, Dominic Blakemore, is to take over from Cousins following his departure.
Blakemore, 48, will become deputy chief executive on 1 October 2017 and will work with Cousins during the next six months to ensure a smooth transition. From 1 October 2017 he will receive a salary of £750,000 a year, rising to £900,000 a year from 1 April 2018 when he succeeds Cousins.
Cousins was appointed group chief executive of Compass in 2006, following six years as CEO of building materials company BPB.
Paul Walsh, Compass Group's chairman, said: "It has been a pleasure to work with Richard and on behalf of the board, I want to thank him for his extraordinary contribution to the group. In the past 11 years Richard has transformed Compass into an industry leading organisation that delivers excellent food services to our clients, attracts and develops great people and generates significant returns for our shareholders.
"Dominic's appointment is the result of a rigorous succession process. Dominic joined Compass Group in 2012 and has already contributed significantly to the Group as CFO for four years and for the past two years as chief operating officer Europe. Dominic has the leadership skills combined with the industry and operational experience to build on the Group's strong track record, and as CEO to lead Compass to continued future success."
Richard Cousins, group chief executive officer, said: "It has been a privilege to work with the many talented people that make up the Compass team. I am grateful to have enjoyed their support in building a world class business that has enormous potential to prosper further. I look forward to working closely with Dominic in the next six months to ensure a smooth handover and I am confident that he will lead the Group to even greater success in the future."
Blakemore added: "I am honoured and delighted to be appointed as Compass' next CEO. I am fortunate to be supported by a very strong senior management team and together we will continue to build on the success achieved under Richard's leadership."
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