The chief executive of Lancashire-based polymer manufacturer Victrex is to retire from the firm, following “an extensive search” for his successor.

David Hummel is to step down after 24 years as head and be replaced by Jakob Sigurdsson, the former chief executive of polymer manufacturer Promens.

Victrex chairman Larry Pentz said: “Dave has been instrumental in our success. As chief executive, he has delivered strong growth and helped us to create new markets.”

Mr Hummel will step down as chief executive on 30 September, but he will remain an executive director until the AGM in February 2018. He said: “It has been a privilege to serve Victrex for so many years.

“I am transitioning from the company at a time when it is very well positioned for the next phase of growth, with a clear and differentiated strategy, a highly capable management team and a strong pipeline of opportunities.”