M&B appoints Simon Laffin as new chairman
Mitchells & Butlers (M&B) has appointed Simon Laffin as its new chairman, as it appeared to win its power struggle with major shareholder Joe Lewis.
M&B revealed yesterday that it would submit evidence to the City takeover watchdog that Lewis, whose investment vehicle Piedmont Inc owns a 23% stake in the group, was attempting to take control of the company.
Lewis was reported to have blocked the appointment of Archie Norman as chairman, as a replacement for Drummond Hall.
He is also said to have demanded the resignation of Laffin, who was a senior director at the time.
But today M&B announced that Laffin would be installed as chairman and that Richard McGuire, who was appointed a director of the firm by Piedmont Inc, would step down.
Denis Jackson, Ray McSharry, and Douglas E McMahon will also cease to be directors of M&B.
In a statement, Laffin said: "We are moving swiftly and decisively to protect the interests of all shareholders and to maintain a sharp focus on operations."
Drummond Hall said: "Simon was one of the shortlisted candidates for the chairmanship and I am delighted that he is taking over, confident that he will work tirelessly for all our shareholders."
M&B to tell takeover watchdog of power grab by its biggest shareholders >>
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Mitchells & Butlers puts three freehold pubs on the market >> By Neil Gerrard
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