(Sharecast News) - Pub chain Marston's said on Thursday that chief executive officer Ralph Findlay plans to step down at the end of the financial year in September after 20 years in the role.
The process to appoint his successor is underway and a further announcement will be made in due course, Marston's said.
Chairman William Rucker said: "Ralph has been CEO of Marston's since 2001 and is one of the longest serving business leaders in an industry which has seen significant change and challenges during that time.
"He leaves Marston's in excellent shape and well-positioned to rebuild trading and go from strength to strength when restrictions are lifted. Whilst he remains in his role for another six months, I would like to take this opportunity to thank him publicly on behalf of the board, our people and our shareholders for his outstanding contribution to us, the company and the industry."
Broker Liberum noted that chairman William Rucker and chief financial officer Andrew Andrea have both been in their roles since 2018 and 2009 respectively, and said this "should provide comfort of some continuity at the board level".
"In the past year, Marston's has undergone several impressive strategic moves with the creation of the Brewing JV with Carlsberg UK and agreement to operate the SA Brain pub estate in Wales, which positions the pure pub business well to emerge from the current lockdown and rebuild trading," it said.
"This seems a natural stepping off point and Ralph will remain in his role for another six months allowing for an orderly handover once a successor has been appointed. We expect the position to attract strong talent from both internal and external candidates."
Marstons (MARS)Today 15:52