Brewing giant SABMiller has announced a raft of senior management changes as its Chairman, Meyer Kahn, retires after 46 years with the firm.
Meyer Kahn joined SAB back in 1966 and has been Chairman of the group since its primary listing on the London Stock Exchange in 1999.
Instead of a direct replacement, the current Chief Executive, Graham Mackay, will become Executive Chairman, probably for one year, before becoming Non-Executive Chairman at the annual general meeting in 2013. The practice of a Chief Executive moving up to Chairman is frowned on in the City, as per the recommendations of the Cadbury report in 1991.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Alan Clark, currently managing director of SABMiller Europe, will be appointed as Chief Operating Officer but with a view to succeeding Graham Mackay as Chief Executive in 2013.
Clark, will, in turn, be replaced by SABMiller's Director of Corporate Affairs, Sue Clarke.
John Manser, currently the senior independent Non-Executive Director and Chairman of the Audit Committee, will also take up responsibilities as Deputy Chairman of the board.
Manser said of the reshuffle: "The senior management team at SABMiller has been one of the most stable and consistent in the FTSE 100, with the Chairman and Chief Executive being amongst the longest serving in their respective posts.
"Under Meyer Kahn's extraordinary leadership, both as group managing director and latterly as Chairman, the group has grown from its South African roots to become one of the world's largest and most respected brewers."
SABMiller shares have risen 18% over the last 12 months and have more than doubled in value in the past five years.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
