JCB chairman Sir Anthony Bamford has announced he will relinquish his position as managing director to chief executive John Patterson on December 1.

Bamford, one of the UK's richest men, succeeded his father in December 1975. At that time, the company's annual turnover was GPB44 million (USD81.3 million) and JCB employed 1,300 people.

Today, JCB employs more than 5000 people at 13 factories on all four continents, with an annual turnover of more than GBP1 billion (USD1.8 billion).

"This change in responsibilities is recognition of the excellent job John Patterson has done. I will still continue to be actively involved in the business on a day-to-day basis," Bamford said.

Patterson joined JCB as a service engineer in 1971. He went on to hold senior positions both in the UK and overseas, becoming chief executive in January 1998.