LONDON -- Brendan O’Neill resigned as CEO of ICI plc and was succeeded by ICI Paints Chairman and Chief Executive John McAdam, effective immediately, the company announced.
The moves follow a recent decline in the company’s stock price, precipitated by a company statement indicating first-quarter profits would fall short of expectations. ICI Chairman Lord Trotman said O’Neill, who joined ICI in 1998, agreed to step down “in the best interests of the company.”