Mitchells and Butlers (M&B) finance director has called time on the pub chain. Jeremy Townsend is leaving after two years in the job to join Rentokil as chief financial officer.
Townsend only took over as finance director of M&B in January 2008, following the departure of predecessor Karim Naffah, who quit after a decision to hedge against a £4.5 billion property venture. M&B is now looking for his replacement, but he has agreed to stay on for up to six months to allow an orderly handover.
M&B chief executive Adam Fowle said: "Jeremy has made a significant contribution to Mitchells & Butlers particularly since taking on the role of finance director in difficult circumstances two years ago. The board would like to thank him for his work and wish him well in his future career."
The departure is another twist in an unstable period for M&B. “We believe this [departure] only adds to the uncertainty at M&B following significant changes to the make-up of the board over the last two years,” commented Tim Ramskill at Credit Suisse.
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