Costa owner Whitbread has announced Sir Ian Cheshire will step down from the board this autumn.
Cheshire, who also serves as Barclays UK chairman, said last month he would be reducing the number of boards he sits on as investor unrest became vocal over the amount of non-executive roles he held.
Ahead of Barclays' annual general meeting (AGM) earlier this month, Institutional Shareholder Services (ISS) recommended that shareholders vote for Cheshire, but noted that his position was “not without concern” because of his “significant external time commitments”. A note said: “This situation will be reviewed ahead of the next AGM.”
Whitbread said in a statement today that as part of its "planned board succession" Cheshire will step down from the board and as senior independent director at the end of its board meeting on 21 September 2017.
Richard Baker, chairman of Whitbread, said:
I would like to thank Sir Ian for more than six years of service to Whitbread, initially as chairman of the remuneration committee and more recently as senior independent director. Sir Ian has made a significant contribution to Whitbread during a very successful period in the company's history and I wish him well in the future.
I am delighted that Adam Crozier, a highly-experience business leader, has agreed to succeed Sir Ian as senior independent director. Adam joined the board earlier this year and we are already benefiting from his much valued experience and advice.
As well as his role at Whitbread, Cheshire also holds a position at Debenhams and Menhaden.