Mitchells & Butlers PLC Board Changes (1920A)
May 28 2021 - 4:15AM
UK Regulatory
TIDMMAB
RNS Number : 1920A
Mitchells & Butlers PLC
28 May 2021
28 May 2021
Mitchells & Butlers plc
LEI no. 213800JHYNDNB1NS2W10
Board Changes
Mitchells & Butlers plc announces the following changes to
its Board.
Ron Robson, who joined the Board in 2010, and is a nominated
representative of the Group's largest shareholder, the Odyzean
Group, Imelda Walsh, Chair of the Remuneration Committee, and Colin
Rutherford, Chair of the Audit Committee, who both joined the Board
in 2013, will all retire from the Board at the end of July
2021.
Following these changes , the Board of M&B will be comprised
of the non-executive chairman, Bob Ivell, two executive directors
(Phil Urban, CEO and Tim Jones, CFO), three independent
non-executive directors (Susan Murray, who will remain as senior
independent director, Jane Moriarty, who will assume the role of
chair of the Audit Committee, and Dave Coplin, who will continue in
his role as non-executive director nominated for representation of
the "workforce voice") and three non-executive directors
representing the interests of the Odyzean Group (Eddie Irwin, Josh
Levy and Keith Browne).
An announcement in relation to the chairmanship of the
Remuneration Committee is expected to be made in the next few
months.
The office of Deputy Chairman currently held by Mr Robson will
not be continued.
Commenting on these changes, chairman Bob Ivell said:
Ron, Imelda and Colin have provided excellent service to M&B
throughout their time on the Board, helping to achieve a
significant period of stability for the Company whilst assisting
our governance and oversight arrangements.
We are extremely grateful to all three of these highly regarded
non-executive directors for the support, guidance and enthusiasm
which they have brought to the Board and everyone at M&B wishes
them every success for the future.
In its prospectus issued on 22 February 2021, the Company
confirmed that the Odyzean Group, which comprises shareholders with
a majority of the shares in the Company, would review the
composition of the Board to streamline its decision making and
reduce the number of non-executive directors. By making these
changes now, the smaller, more agile Board is in line with the
Company's stated intentions at the time of the equity raise and it
can now focus on supporting and challenging management over the
coming months, as the business first recovers and then moves
forward again.
We hope to make a further announcement in the near future in
relation to the position of chair of the Remuneration Committee
which should conclude this process.
For further information, please contact:
Greg McMahon
Company Secretary & General Counsel
0121 498 6514
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END
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