The chief executive of Punch Taverns has stepped down, citing the need for fresh leadership after the company's sale to Heineken was given the go-ahead by the competition watchdog last month.
Duncan Garrood, who has led the leased pub company since 2015, announced this morning that he would step down to make way for the appointment of a new CEO by 2018.
"Our shareholders have now received a substantial premium to the prevailing share price when I joined, and the business is transitioning to new ownership," he commented. "It seemed to me the time was right for a new CEO to lead Punch into the next phase of its development, and for me to look to my next challenge."
"It's been an enormous privilege to be part of that team and I have no doubt they will continue to build upon their successes," he added.
CFO Steve Dando will assume the role of interim CEO until a replacement for Garrood is appointed.
Garrood previously spent 20 years at Unilever before working in other consumer goods roles including a stint as commercial director at Heathrow. Before joining Punch he was president of food at franchising firm M.H. Alaysha.