Wrap, the Waste Resources & Action Programme, has appointed Peter Stone as its new chairman.

Stone was a co-founder of investment banking group Close Brothers and in 1979 was part of the team that took the bank through one of England's first management buyouts.

He later helped prepare the business for flotation on the London Stock Exchange in 1984.

He has also held non-executive director roles at Intermediate Capital Group, Smith & Williamson and Careforce Group and is currently on the board of directors at DTZ Holdings and Opus Trust.

Stone replaces Vic Cocker who has been chairman of Wrap since it was formed seven years ago.

Cocker announced his intention to retire in October last year to "bring fresh blood on to the Wrap board".

"Vic Cocker has made a huge contribution to the formation and development of Wrap and will be a hard act to follow," said Stone. "Wrap has made a major impact on the way we think about waste, recycling and how our use of resources impacts the planet.

"Those issues, including the threat of climate change, are now at the front of everyone's mind and Wrap is well-positioned to shape that debate."

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