Burger chief goes in GrandMet shake-up

Click to follow
Grand Metropolitan, the food and drinks group, yesterday underlined its commitment to its Burger King fast food chain with a boardroom shake-up that will cost shareholders significant sums in compensation.

Bob Lowes, the Burger King chief executive, is to leave the group after just over two years in control.

He will be replaced by Dennis Malamatinas, a 41-year-old marketing man with a background at Procter & Gamble and Smirnoff vodka. He is currently executive director at GrandMet's IDV drinks subsidiary in the Asia-Pacific region.

There has been persistent speculation that Burger King would be sold but GrandMet said yesterday that the re-shuffle reflected the "increasing importance" of the fast food chain to the group strategy.

As Bob Lowes was not on the board his remuneration was not disclosed. However, his compensation for loss of office is likely to be several hundred thousand pounds.

Also departing is GrandMet's group strategy development director, Peter Cawdron. He received total pay of pounds 435,000 last year including bonuses.

He was on a two-year contract and his pay-off is the subject of negotiation.

GrandMet said that it no longer required a group strategy development director as the company had completed its major acquisition and disposal programme.

However, it yesterday named Jim Glover as group strategy director, though this is not a main board post.