Rexam has announced its chairman plans to leave the company.

The global packaging company, which has lined up the purchase of Rostar in Russia for around US$297m, said today (18 January) that its chairman Rolf Börjesson will retire at its AGM on 1 May.

Börjesson, who has served T Rexam for 12 years, will be succeeded by Peter Ellwood, who will join the board as a non executive director and chairman designate on 1 February.

Ellwood, who was previously chairman of ICI and prior to that group chief executive of Lloyds TSB Group, has "extensive experience of strategic business issues," the company said.

Börjesson said: "Although these last three years have been challenging in the face of dramatic increases in input costs and a weak dollar, we have worked hard to compensate for these and to prepare the company for the future through acquisitions in higher growth, higher margin businesses and further investment in organic growth opportunities. It is in good hands with the new CEO, Leslie Van de Walle and his leadership team, and is well positioned for sustainable and profitable growth. It has been a privilege to have been associated with this company these past 12 years and I wish everyone every success as Rexam embarks on its next period of development."

Van de Walle added: "On behalf of the board, and indeed, the whole of Rexam, I would like to thank him (Börjesson) for all the work he has done and wish him all the best in the future. The board and I are looking very much forward to working with Peter Ellwood. He is a man of proven ability and an experienced chairman with a strong track record. His international business and leadership experience along with his energy and determination will complement our board skills and we are delighted that he is joining us at this exciting time."