UK: Mitchells & Butlers chairman to step down
Mitchells & Butlers chairman to step down
UK pub group Mitchells & Butlers has announced that its chairman, John Lovering, will step down only a year after taking the job.
Lovering joined Mitchells & Butlers (M&B) in January last year, replacing Simon Laffin as chairman following a dispute between the company's major shareholders. Today (24 January), however, M&B announced that Lovering will step down as both chairman and a director of the group later this year. No reason for his departure was given.
He will remain chairman until a successor is found, said the firm, which is one of the UK's largest pub groups.
During Lovering's tenure, M&B has raised around GBP550m (US$878m) from disposals in an attempt to make the group more profitable by focusing on outlets that serve food instead of only drinks.
"The company is now on a much firmer footing than when I joined last year," said Lovering. "Group profits have improved significantly," he added. M&B will hold its annual general meeting on Thursday (27 January).
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