M&B's John Lovering to step down as chairman

24th January 2011, 10:27am

National pub company, Mitchells & Butlers, has announced that John Lovering is to step down as chairman and as a director of the company later this year.

Lovering joined Mitchells & Butlers as chairman at the AGM last year. During this period he has overseen an acceleration in Mitchells & Butlers' food-led strategy, focusing the company's industry leading brands on the informal eating-out market.

In the last year the company has significantly strengthened its financial position raising over £550 million from disposals, achieved stronger capex returns and improved operating margins.

Lovering, commented: "It has been a huge privilege to be chairman of Mitchells & Butlers. The company is now on a much firmer footing than when I joined last year. Our board is strong and we have strengthened our executive team with five new executive committee members.

"Group profits have improved significantly in the last year thanks to our focus of switching from volume to spend per head and our core brands are successfully implementing their site expansion goals. We are continuing to trade well and gain market share. I would like to wish the business and its employees every success for the future."

The non-executive directors, under the leadership of Simon Burke, the senior independent director, have commenced a process to identify and appoint a new chairman. Lovering will remain as chairman and assist, as appropriate, in the process to appoint his successor.

Related Articles:

• 22 Nov 2011 - Pubco Mitchells & Butlers returns to profit despite boardroom chaos
• 17 Jan 2011 - Mitchells & Butlers and Brakes announce £200m strategic partnership
• 17 Jan 2011 - December trading down 4.2% at UK pub and restaurant chains
• 23 Nov 2010 - Mitchells & Butlers profits soar by 26% as food sales increase
• 20 Aug 2010 - Mitchells & Butlers to sell over 300 pubs for an estimated £373m
• 10 Aug 2010 - Mitchells & Butlers pub group sells Hollywood Bowl for £39m
• 21 Jul 2010 - Mitchells & Butlers continue to reposition with disposal of 52 lodges
• 19 May 2010 - Mitchells & Butlers pub group reports strong trading
• 24 Mar 2010 - Mitchells & Butlers to reposition food-led pub businesses
• 01 Aug 2008 - M&B and Whitbread in pub swap

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