Rumours are circulating in the City that two frontrunners have emerged for the soon-to-be-vacant chief executive post at materials company RMC.
RMC boss Stuart Walker reaches retirement age early next year, and the company has previously stated that it would make an announcement on a successor in the final quarter of 2003.

The first contender is believed to be Peter Kirby, chief executive of Australian materials group CSR until earlier this year. Kirby led a successful demerger of CSR after turning it into one of the world's 10 biggest materials businesses.

His expertise in restructuring is one reason it is thought that he might turn up at RMC, which this week unveiled a new business structure. Mike Betts, materials analyst at JP Morgan Chase, said: "Kirby would be a good fit 鈥� RMC needs expertise in cost-cutting and restructuring, which is what he did at CSR."

Another City analyst said that after 30 years of working in Australia, Kirby is believed to be looking for a new challenge. The source said: "It's thought he's inclined to come over to the UK after doing his thing in Oz."

The second candidate is thought to be Rick Haythornthwaite, chief executive of support services group Invensys. Over the summer he reverted to a one-month notice period, which has fuelled speculation that he is on the lookout for a new job. He has also gained experience in restructuring, having drastically slimming down Invensys with a series of disposals.

A spokesperson for Invensys declined to comment on the speculation, but said the reason for the change in Haythornthwaite's notice period was to avoid negative headlines about board-level remuneration packages.

An RMC spokesperson declined to comment on the rumours about Kirby and Haythornthwaite, but said: "As part of the search we have spoken to a number of people."

A City source said that RMC might try to have a new chief executive lined up in the next few weeks 鈥� in time for an analysts' presentation it is due to make in November.