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.

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.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Central banks want politicians to take charge – but what will they do?
US Economy

Central banks want politicians to take charge – but what will they do?

The US Federal Reserve has come to the end of the road in terms of what it can do to accelerate any recovery, says John Stepek. It's over to the polit…
17 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020