Ontex’s board has nominated Paul Walsh as the new chairman of the company, who will take up the position from January 1, 2014. Current chairman Adrian Bellamy is set to retire.

“I am very pleased Paul will be joining the board and succeeding me from January next year,” says Bellamy. “I am stepping down to pursue new opportunities and I’m sure that his wide expertise, his board expertise and his personal qualities will contribute greatly to the future growth and development of the group.

“It has been an honor and a pleasure to work with the Ontex team and to be part of the continued transformation of the business,” says Bellamy. “I am proud of what the team has achieved and feel strongly the business is positioned well for continued success. I would like to take this opportunity to thank all Ontex employees for their support and commitment during my tenure.”

Paul Walsh said: “I am delighted to be joining the Board of such a dynamic, innovative and growing global company. I look forward to working with the team and look forward to playing my part in helping guide Ontex to further success in the future.”

Richard Butland and Simon Henderson from Goldman Sachs and from TPG said, “We would like to thank Adrian for his significant contribution as chairman since our acquisition of Ontex in 2010. His wise counsel and great experience will be missed. We also wish to welcome the new chairman Paul Walsh, whose extensive experience in fast moving consumer goods and deep emerging market expertise will provide invaluable support to the team as the company continues to strengthen its position as market leader and grow internationally.”

Bellamy was appointed a non-executive chairman of the company in March 2011. He is a director and chairman of Reckitt Benckiser plc, a director of The Gap Inc and a director and chairman of Williams-Sonoma Inc. He was chairman of The Body Shop International plc until March 2008 and was formerly chairman and a director of Gucci Group NV and of The Robert Mondavi Corporation.

Walsh was appointed advisor to the chairman and the chief executive of Diageo plc from July 1, 2013, having previously been chief executive since September 2000. He has served in a number of management roles since joining GrandMet’s brewing division in 1982, including CEO of The Pillsbury Company. He was appointed to the GrandMet board in October 1995 and to the Diageo plc board in December 1997. He is a non-executive director of Avanti Communication Group plc, Unilever PLC and FedEx Corporation in the U.S. He was appointed a business ambassador on the UK Government’s business ambassador network on August 9, 2012 and is also a member of the council of the Scotch Whisky Association. During the year he stepped down as lead non-executive and deputy chair of the board of the department of energy and climate change and as a member of the UK government’s business advisory group.