Greene King’s CEO Rooney Anand is to step down from his role after more than 14 years at the helm of the pub giant.
Mr Anand is understood to have advised the board of his intentions some time back and will officially leave at the end of the current financial year ending 30 April 2019.
The company said the process to appoint his successor is “well advanced” and a further announcement concerning succession is expected to be made early next year.
Under Mr Anand’s leadership, the company has grown to more than 3,000 sites in the UK and registered an operating profit of £268m on sales of £1.8 billion in its last financial year.
Three years ago he masterminded the £774m takeover of Spirit Pub Company in what was one of the largest transactions the industry has ever seen.
He said: “It has been a great privilege to lead Greene King for nearly 14 years and to serve as a director for 18 years. As we announced recently, the business is performing in line with our expectations and ahead of the market. With a strong team and business culture firmly in place, the time is now right for me to hand over the baton. I look forward to supporting [chairman] Phil [Yea], the board and the management team with the succession plan, and delivering our plans and results for the second half of the financial year.”
Greene King said that its CEO had proven himself to be one of the most successful and longest serving business leaders the industry has seen, transforming its company over this period.
“He will leave us better positioned for the future,” said Mr Yea. “Although he remains in his role for another six months, I should like to take this opportunity to thank him publicly on behalf of the board, colleagues and shareholders for all he has done for them, the company and the industry.”