Sir Ron Brierley is stepping down after a 20-year reign as chairman of investment firm Guinness Peat Group plc (GPG) at the close of business today. The board has appointed Mark Johnson his replacement.

Sir Ron, who joined GPG in March 1990, after running his own investment group, Brierley Investments for 39 years, will remain in the company as a non-executive director.

Hi successor Mr Johnson, appointed to the board September 22 this year, has extensive experience in investment banking and more recently as director of several Australian publicly listed companies.

He was previously deputy chairman of Macquarie Bank from September 2000 to March 2007 and is currently serving as chairman of AGL Energy and as a non-executive director of Westfield Group.

He is also the chairman of the Australian Financial Centre Forum.

"I am delighted that Mark has accepted the board's invitation to become the next chairman of GPG," Sir Ron said in a statement.

"He has extensive experience and is highly regarded within the international business community."

Mr Johnson said an independent sub-committee of the board has been formed to evaluate all strategic options to maximise value for shareholders. The independent sub-committee continues to evaluate GPG's strategic options.

GPG said it has also now established fully operational audit and risk, remuneration, and investment committees consisting of non-executive directors.

The group will update shareholders on the progress of its review of strategic options when it releases preliminary results in February.