Greene King is preparing for a change at the top after one of its longest serving executives confirmed yesterday that he will step down from the business before the summer.
Tim Bridge, who has been chairman of the company for 11 years and served at the chain for more than 45 years, will retire from the board on 1 May.
Greene King said he will be replaced by Philip Yea, who joined the board as a non-executive director yesterday and will formally take over the chair on 2 May.
Bridge joined Greene King back in 1970 and said he feels “very fortunate” to have spent his whole career working for a company that has grown from being a regional brewer to one of the UK’s largest pub hospitality companies.
“We have achieved this with an outstanding team of people and I feel confident that, through them, and with Philip Yea replacing me as chairman, the company will continue to prosper in the future,” he said.
Yea boasts a wealth of industry knowledge and Greene King hopes his wide expertise and business experience will ensure Bridge’s loss isn’t too heavily felt.
“Greene King is admired for its brands and people, and I am looking forward to working closely with Rooney [Anand, CEO] and the rest of the board in the next stage of its progress as a leading pub hospitality company,” said Yea.
Yea is currently senior independent director at both Vodafone Group and Computacenter and a non-executive director of Aberdeen Asian Smaller Companies Investment Trust. He is also an independent director and trustee of the Francis Crick Institute.
He has considerable executive experience in both the quoted and private equity sectors, having been chief executive of 3i Group plc from 2004 to 2009. He is a former finance director of Diageo and, as finance director of Guinness, was closely involved in the creation of Diageo through Guinness’s merger with GrandMet in 1997.