Hanson chairman's exit cuts family ties

BRICKS and aggregates giant Hanson is severing its last links with the founding Hanson family with Chris Collins announcing his departure as chairman to take up the equivalent post at financial services group Old Mutual.

Collins, married to the late Lord Hanson's niece, is quitting after seven years as chairman. He was appointed to head the building supplies arm of the old Hanson empire when it split four ways, the other three operations being its tobacco, energy and chemicals businesses.

Collins, 64, is likely to get a significant pay rise. He is leaving his £170,000-a-year Hanson post to replace Mike Levett, a 46-year veteran of Old Mutual, who was paid £305,000 last year to chair the company.

An Eton-educated former amateur jumps jockey, Collins has a string of other non-executive appointments including Go-Ahead, Alfred McAlpine and the chairmanship of Forth Ports.

He will be replaced at Hanson by Mike Welton, 58, chief executive of Balfour Beatty, who is retiring from the construction group in a fortnight. Welton is credited with turning Balfour round from the wreckage of the old BICC group. Hanson, whose chair he takes in May, will be his first major outside interest.