Ted Tuppen, the founder of Enterprise Inns, is to retire as chief executive officer (CEO) at the end of February 2014. Company shares have climbed over six per cent this morning. (Release)
Enterprise Inns is the largest pub owner in the UK, with 5,500 properties valued at £4bn, and Tuppen has been CEO for more than twenty years, after founding it in 1991. It was listed on the London Stock Exchange in 1995. He will be succeeded by Enterprise's chief operating officer Simon Townsend, who has been with the company since 1999 and held his current post for seven years.
Tuppen will officially leave the company in mid-May.
Robert Walker, chairman of Enterprise, said: "Ted has built one of the leading pub companies in the UK. He leaves Enterprise in a strong financial position with improved like-for-like trading and a clear strategy, which is delivering for our Publicans and our shareholders."