UK: SABMiller announces board movements
SABMiller's AGM takes place in July
SABMiller has outlined a raft of directorial changes that will see the current CFO of Rio Tinto join its board.
The brewer announced earlier today (26 March) that Guy Elliott, who is set to quit the CFO post at Rio Tinto plc and Rio Tinto Ltd next month, will become an independent non-executive director for SABMiller on 1 July. Elliott will join both SABMiller's remuneration and audit committees, before becoming deputy chairman and senior independent director, as well as a member of the nomination committee, after the company's AGM next year.
Elliott joined the Rio Tinto Group in 1980, and will continue as a senior executive director of Rio Tinto plc and Rio Tinto Limited until the end of the year.
Meanwhile, Cyril Ramaphosa, who has been an independent non-executive director since 1999, will retire from the board at this year's AGM, scheduled for July. Helen Weir, who was appointed as a non-executive director in 2011, will join the nomination committee in place of Ramaphosa.
SABMiller also confirmed that CEO Graham Mackay will step down to be replaced by Alan Clark at the AGM. Mackay will move to the non-executive chairman position, and will succeed John Manser as chairman of the nomination committee. Manser will remain a member of the nomination committee, but will retire from the board altogether after the AGM in 2014.
Also, Lesley Knox, who has been a non-executive director since 2011, will succeed Miles Morland as chairman of the remuneration committee. Morland will remain a member of the remuneration committee, but will retire after the AGM next year.
Finally, Mark Armour, an independent non-executive director since 2010, will succeed Manser as chairman of the audit committee, also after next year's AGM.
Yesterday, SABMiller detailed its plans in Latin America for the coming years.
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