BREWER SABMiller said yesterday its European chief Alan Clark will succeed long-standing chief exec Graham Mackay in July 2013 in a reshuffle that will see the 62-year old Mackay become chairman.
The move appears to fly in the face of the UK corporate governance code, which suggests chief executives should not go on to become chairman of the same group, although it can be allowed if the firm consults its shareholders.
Clark will be appointed chief operating officer at the group’s AGM in July. Meanwhile Meyer Kahn will retire as chairman, and Sue Clark, director of corporate affairs, will take over from Alan Clark as head of European operations.
City A.M. Reporter