(Alliance News) - Marston's PLC on Thursday announced its long-serving chief executive, Ralph Findlay, will step down at the end of the company's financial year on September 30.
The Wolverhampton, England-based pub chain said Findlay, in post for 20 years, has guided Marston's through an "extremely challenging" year to ensure it is ready to re-open as a purely focused pub operator, with "a substantially strengthened balance sheet, a 40% stake in Carlsberg Marston's Brewing Co and a clear strategic vision for the future."
"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. Ralph is widely respected and admired by all those in the hospitality industry, and I have thoroughly enjoyed working with him over the last three years. He has overseen the development of Marston's into one of the leading pub companies in the UK, through operational innovation to drive change and also transforming the business through strategic acquisition," said Chair William Rucker.
Marston's said the processor to appoint a successor is now underway, and it will make a further announcement in due course.
Last week, Marston's asked holders of three sets of secured class A debt notes, worth GBP664 million in total, for further technical waivers of its financial covenant for the second half of 2021 and until January of next year. The bondholders have been requested to respond by March 24 and a meeting is scheduled for March 26.
In February, Platinum Equity Advisors LLC said it decided against submitting a revised takeover bid for Marston's. At the start of the month, Marston's rejected Platinum's unsolicited 105 pence-per-share takeover approach. The company completed the move of its brewing operations into a joint venture with Denmark's Carlsberg AS back in October 2020.
Shares in Marston's were down 0.5% at 95.40p in London on Thursday.
By Zoe Wickens; zoewickens@alliancenews.com
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Marstons (MARS)