Pub group Marston’s has promoted its current finance director to the role of chief executive.
Chief financial officer Andrew Andrea will take over from current incumbent Ralph Findlay in October. Findlay, who has been chief executive since 2001, announced earlier this year that he intended to step down at the end of the current financial year.
Chairman William Rucker said Andrea – who has been with Marston’s since 2002 – was “the strongest contender” of all the candidates considered for the role.
“He has clear drive, ambition and outstanding execution skills and these attributes, together with his deep knowledge of the business, equip him well to lead Marston’s through the next stage of its development,” he said.
Andrea, who joined the board in 2009, said: “I am delighted to have been selected to lead Marston’s at such an exciting time as it embarks on the next phase in its history, as a focused pub operator. Despite the challenges of the last year, I am confident that we a great team of people to deliver our vision.”
Anna Barnfather, analyst at Liberum, said: “Longevity and experience matters in this industry, where most leaders have seen many cycles and navigated through numerous challenges – regulatory change, smoking bans, global financial crises and pandemics included. Marston’s has set its course to focus on managed pubs and committed to reducing debt to below £1bn by th 2024 full-year. Hence this appointment reconfirms that strategy with evolution, not revolution.”
As at 1200 BST, shares in Marston’s were largely flat at 96.76p.
Marston’s said a new chief financial officer would be appointed “in due course”.
