The packaging group revealed the changes to its board as it announced a return to the black with pre-tax profits of 71m for the six months ending 30 June, compared to a loss of 169m for the same period in 2002.

Sales were down by nearly 5% to 1.6bn, which Rexam attributed to the disposal of non-core businesses.

Lancaster told shareholders he was fully conscious of the concerns of a chief executive becoming chairman relating to the DTIs Higgs Report into the role of non-executive directors published in January.

However, Rexam is still a relatively young company and continuity is vital at this stage of its development, added Lancaster. His [Brjessons] guidance and his standing as one of the top leaders in the global consumer packaging industry will be of enormous benefit to Rexam as the company continues to grow.

Brjesson will take up the post next year following the appointment of a new chief executive and an orderly handover period.

Last week, Rexam sold its healthcare flexible packaging division to Amcor for 135m (PrintWeek, 28 August).

Story by Rachel Barnes