Marston chief leaves

Marston chief ousted

David Gordon, the long standing managing director of Marston Thomson & Evershed, the troubled regional brewer, has lost out in a boardroom shake up and is leaving the group with a pay-off of around pounds 130,000. Nick Letchet, the group's finance director, has been promoted to chief executive ahead of Mr Gordon.

Analysts believe Mr Gordon has paid the price for the group's disappointing operating performance and failing to expanding the Pitcher & Piano chain as quickly as expected, which has lead to a sharp fall in Marston's share price. Mr Letchet is now likely to embark on a reorganisation of its pub estate.