Building materials group Grafton has said that Michael Chadwick will retire as non-executive chairman of the company and step down from its board at the end of the year. 

Mr Chadwick will be succeeded by Michael Roney who is currently chief executive and a director of Bunzl, the London listed distribution and outsourcing business.  

Mr Roney will join the Board as non-executive director, deputy chairman and chairman designate in May and will assume the role of chairman in January 2017.

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.

Grafton said it had conducted a "thorough search" for a successor to Mr Chadwick and had engaged an international search firm to assist with the process.