The chairman of Vin & Sprit is to stand down.

Claes Dahlbäck announced late last week that he will not be seeking re-election at this year's AGM. He has been a member of the V&S board for 16 years, including 14 years as chairman.

"After 16 years on the board, including 14 as chairman, it feels natural for me not to seek re-election this year," said Dahlbäck. "During this time I have been privileged to be part of the incredible development of V&S into one of the world's leading companies in its industry. With strong market positions, good profitability and excellent potential growth for V&S, now seems the right time to leave the board."

Sweden's Minister for Local Government and Financial Markets, Mats Odell, added: "Claes Dahlbäck's fine work as chairman in the transformation of V&S from a monopoly which mainly operated in Sweden to one of the major players in its industry is worthy of the highest admiration.

"Thanks to a large number of international acquisitions and the continued excellent development of Absolut Vodka, V&S has, under the guidance of Claes Dahlbäck, become a highly successful and profitable company."

When contacted by just-drinks today (15 February), a spokesperson for V&S said that the company hopes to have a new chairman in place in time for the AGM on 20 March. When asked who that would be, the spokesperson said: "It is up the owners - the Swedish government."