Danny Rosenkranz has resigned as chief executive of BOC, following the successful takeover bid by Air Liquide of France and Air Products of the US, in a deal which valued the British gases group at £7.2bn. The deal awaits clearance from EU and US regulators.
Rosenkranz, a chemical engineering graduate, joined BOC in 1973. He became managing director of BOC’s Edwards vacuum business in 1983, before becoming chief executive for vacuum technology and distribution in 1990. He was appointed to the company’s board and became managing director in 1994.
`I have achieved most of what I set out to do – particularly in restructuring and reorganising BOC and creating enhanced shareholder value – so the time is right for me to step aside and move onto other things,’ he said.
Rosenkranz’s severance package is reportedly worth £5m, and he has around £7m in shares.
Tony Isaac, group finance director, will become acting chief executive.
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