Punch Taverns directors reveal retirement plans

PUNCH Taverns directors Fritz Ternofsky and Mike Foster will retire from the board at the end of March, the company announced yesterday.

The company said there were no plans to directly replace him but that non-executive directors Tony Rice and Ian Wilson would pick up some of his duties.

Rice will replace Ternofsky as senior independent non-executive director and chairman of the remuneration committee and Wilson will replace Foster as chairman of the nominations committee. Foster and Ternofsky joined Punch when it floated in 2002.

Chairman Peter Cawdron said: “Both Fritz and Mike contributed significantly to the development of the company during times of growth following flotation and more recently when the business faced the challenges of the last couple of years.”

The company sold a number of loss-making pubs during the recession.