Broadway became managing director in 1996.
After 20 years at the helm, in which time the print and mail specialist has grown into a £46m-turnover business, Broadway has appointed CFH Group’s former IT director and managing director of CFH Scotland Bill McFedries as the group's new managing director.
McFedries started in the role at the beginning of July.
Broadway said: “This has been in my mind for a while as I’m in my late fifties. We’ve been building a team that has been very successful operating with my playing a lesser role. It’s great to step back a little, let the team spread their wings and really show what they can do.”
On his new role, Broadway said he will be far less involved in the day-to-day decision-making, wanting to “step back and give Bill room to show what he can do”, but he will still be involved with the bigger financial decisions.
“I was looking for a managing director who would take the technology side of the business in a way that I would like it to be steered and that is Bill’s background. He’s built and sold tech companies, has been IT director for a number of years and has the mindset that I think will take the company in the right direction,” said Broadway.
McFedries became IT director and Scotland managing director when his previous company FST technologies was acquired by CFH in 2011. In his enlarged role, he will also technically remain managing director of the group's Scottish operation.
He said he will be taking a "collaborative approach" to his new role.
“I’m absolutely delighted about my appointment within the group. From my perspective, it’s a fantastic opportunity to lead a growing, dynamic and, most importantly, innovative company," said McFedries.
“Dave has done a fantastic job. I think he has always been very much innovation-led, his background was in technology and I think we have seen over the years how the technological influences at CFH has really kept us one step ahead.”
Other staff changes at the Radstock, Somerset-headquartered company include Adam Harwood being appointed as managing director of the Radstock site.
The company was founded by Broadway's father in 1977 and Broadway began working for its IT department three years later. He went on to run a number of smaller businesses owned by CFH, before being appointed deputy managing director in 1990, six years before he was promoted to the top job.
Highlights from 58-year-old Broadway’s time as managing director include CFH’s 30th anniversary celebrations in 2007, when members of the local Radstock community were invited to the company to see how the business worked. He said something similar was being planned for next year’s 40th anniversary.
CFH announced record-breaking financial results last year, with sales increasing by 14% from the previous year. Broadway said this year it is aiming to reach £50m.
Last year, it acquired the assets of Glasgow-based BSS Scotmail after the multi-channel communications business went into administration.
It employs 370 staff, 200 in Radstock, 40 in Scotland, 30 in its Slough office and the rest split among its Velopost cycling delivery sites in Bristol, Bath and Edinburgh.