24 January 2011
MITCHELLS & BUTLERS PLC
Chairman Succession Plans
Mitchells & Butlers announces that John Lovering has informed the Board of his intention to step down as Chairman and as a Director of the Company later this year.
The Non-Executive Directors, under the leadership of Simon Burke, the Senior Independent Director, have commenced a process to identify and appoint a new Chairman. John Lovering will remain as Chairman and assist, as appropriate, in the process to appoint his successor.
John Lovering joined Mitchells & Butlers as Chairman at the AGM last year. During this period he has overseen an acceleration in Mitchells & Butlers' food-led strategy, focusing the Company's industry leading brands on the informal eating-out market.
In the last year the Company has significantly strengthened its financial position raising over £550 million from disposals, achieved stronger capex returns and improved operating margins.
John Lovering, commented:
"It has been a huge privilege to be Chairman of Mitchells & Butlers. The Company is now on a much firmer footing than when I joined last year. Our Board is strong and we have strengthened our executive team with five new Executive Committee members."
"Group profits have improved significantly in the last year thanks to our focus of switching from volume to spend per head and our core brands are successfully implementing their site expansion goals. We are continuing to trade well and gain market share. I would like to wish the business and its employees every success for the future."
|0121 498 6513|
|James Murgatroyd (Finsbury Group)||0207 251 3801|
|Mitchells & Butlers' leading portfolio of brands and formats includes Harvester, Toby Carvery, Vintage Inns, Premium Country Dining Group, Crown Carveries, Sizzling Pub Co., Browns, Miller & Carter, Metro Professionals, All Bar One, Nicholson's, O'Neill's and Ember Inns. Further details are available on www.mbplc.com.|