Pub group Mitchells & Butlers has appointed Adam Fowle as its new chief executive.
Fowle, who has 20 years' experience in licensed retailing, has been acting chief executive for the managed pub chain for the past three months and will take on the new role immediately.
"Mitchells & Butlers is a great business with tremendous prospects. I sincerely welcome this opportunity to lead the company forward," he said.
Former M&B chief executive Tim Clarke resigned in May after the All Bar One and O'Neill's operator lost £69m on a long-term interest rate swap.
The payment followed a £391m loss on a joint property venture with Robert Tchenguiz that led to the departure of finance director Karim Naffah and chairman Roger Carr last year. M&B accepted Clarke's resignation "with regret" and appointed Fowle in his place.
Fowle joined Mitchells & Butlers in 1984, working his way up to managing director of the pubs division. He left to work for Sainsbury's for two years as retail director, before rejoining the pub group in 2005 as business development director. He joined the Board in October 2007 when he was appointed managing director for restaurants.
Drummond Hall, chairman of Mitchells & Butlers, said: "The Board appointed Adam after an extensive search process of internal and external candidates. I have no doubt that he will continue to build on the excellent track record he has already developed."
By Emma White
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