Builders merchants and Woodies DIY owner Grafton Group said on Thursday that long-serving director Michael Chadwick is to step down from the board as non-executive chairman at the end of the year.

Mr Chadwick joined Grafton in 1975, was appointed to the board in 1979 and served as executive chairman from 1985 to 2011 when he became non-executive chairman.

Gavin Slark, chief executive officer of Grafton said: "On behalf of the board, I would like to thank Michael Chadwick for his entrepreneurial leadership of the group through a remarkable phase of growth and development to become an international building materials business and for his outstanding stewardship of the board which will be greatly missed. The board greatly appreciates that Michael Chadwick has agreed to remain as non-executive chairman until the end of the year which will allow for a smooth transition."

Mr Chadwick will be replaced by Michael Roney, who is set to step down from his role as chief executive of Bunzl, the FTSE 100 listed distribution and outsourcing business, next month after 10 years in the role. Mr Roney will join the board of Grafton as non-executive director, deputy chairman and chairman designate on May 1st 2016 and will assume the role of chairman on January 1st 2017.

Prior to joining Bunzl Mr. Roney was CEO of Goodyear Dunlop Tires Europe having previously been president of Goodyear's Eastern European, African and Middle Eastern businesses. He is non-executive director of Brown-Forman Corporation, one of the world's largest US based spirits businesses, and was formerly non-executive director of Johnson Matthey, a specialist chemicals business and world leader in sustainable technologies.