Dermot Gleeson (left) praises non-executive director's 'extraordinary enthusiasm and commitment'.

Lord Selsdon, who has been a non-executive director at contractor Gleeson since 1994, announced his retirement today.

Malcolm Selsdon is to step down as chairman of the remuneration committee and will be replaced by Eric Stobart, currently director of public policy and regulation at Lloyds TSB group.

A shortlist of candidates for the role of non-executive director is currently under consideration.

Dermot Gleeson, chairman of the company, said: “Malcolm’s extraordinary enthusiasm and commitment, coupled with his original and creative cast of mind, made him an exceptionally stimulating and much valued colleague. The group owes him a great debt of gratitude.”