The board of Mitchells & Butlers has appointed Adam Fowle as chief executive.

Fowle, who joined the board in October 1997 when he was appointed managing director for restaurants, has been acting CEO since May.

He takes over from Tim Clarke, who resigned in May following losses on the company's financial hedging strategy. Clarke led the firm in its several different forms for 14 years. 

Fowle originally joined the company in 1984, before leaving to spend two years as retail director at Sainsbury's. He rejoined Mitchells & Butlers in 2005 as business development director.

Drummond Hall, chairman of Mitchells & Butlers, said: "The board appointed Adam as chief executive after an extensive search process which considered both internal and external candidates. I have no doubt that Adam will continue to build on the excellent track record he has already developed at the company and, drawing on his wealth of experience, will continue to drive the business's strong performance."