SABMiller accelerates promotion of COO to CEO after Chairman falls ill

SABMiller has informed its investors that its Executive Chairman, Graham Mackay, has undergone surgery for a brain tumour and will now embark on a course of treatment.

Accordingly, the company has accelerated the planned promotion of Chief Operating Officer Alan Clark to Chief Executive with immediate effect.

Clark was appointed as Chief Operating Officer in July 2012 with a view to succeeding Mackay as Chief Executive in July 2013 after a transitional period of one year, when it was intended that Mackay would become Non-Executive Chairman.

The group said it will gkeep Mackay's position under review pending the outcome of his treatment, and in the meantime deputy Chairman, John Manser will take up the role of Acting Chairman.

In a note to SABMiller employees, Mackay said: "I am inexpressibly proud of this company, what it has achieved and the shape it is in. I certainly do not expect there to be any impact from this development on its operations or strategic direction, which will continue to run as normal. The transition of management responsibilities to Alan Clark is already well advanced.

"The group is in excellent hands, and Alan will now simply pick up the remaining executive responsibilities a little sooner than expected. I obviously have an additional personal objective, and that is to get well as quickly as possible for the sake of my wife and children. Thank you all for your support."

The share price rose 0.91% to 3,391p by 09:20 on Tuesday.

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