6th Nov 2018 08:31
LONDON (Alliance News) - Brewer and pub operator Greene King PLC said Tuesday its long-standing Chief Executive Rooney Anand will stand down at the end of April after 14 years in the role.
"Rooney has been CEO of Greene King since 2005 and has proven himself to be one of the most successful and longest-serving business leaders our industry has seen, transforming our company over this period," Chairman Philip Yea said.
"He will leave us better positioned for the future."
"Although he remains in his role for another six months, I should like to take this opportunity to thank him publicly on behalf of the board, colleagues and shareholders for all he has done for them, the company and the industry", Yea added.
Anand will leave the Old Speckled Hen, Abbot Ale, and Belhaven beer brands-maker at the end of Greene King's current financial year ending April 2019.
Greene King added the process to appoint his successor was "well advanced" and the FTSE 250-listed firm expects to make an announcement "early" in 2019.
"It has been a great privilege to lead Greene King for nearly 14 years and to serve as a director for 18 years," Anand said. "As we announced recently, the business is performing in line with our expectations and ahead of the market. With a strong team and business culture firmly in place, the time is now right for me to hand over the baton."
In early September, Greene King - which alongside its eponymous pubs also owns brands including Chef & Brewer and Loch Fyne restaurants - reported 2.8% growth in same-store sales at its core pub company business for the first 18 weeks of the financial year. This was comfortably ahead of the 1.2% experienced by the market as a whole.
Shares in Greene King were 1.1% lower at 491.50 pence early on Tuesday.
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