Goodyear to replace Read as Young's chief
Wednesday 19 March 2003
Young & Co, the London brewer and pub operator, yesterday announced that its veteran chief executive, Patrick Read, would step down at the group's annual meeting. He will be replaced by Stephen Goodyear, the sales and marketing director.
Mr Read, 61, will retire in July, ending a 35-year tenure at the family-controlled brewer. His departure is unlikely to spark a change in the company's strategy, analysts said.
Mr Goodyear, 47, joined Young's in 1995 as sales director. He has been on the executive board since 1996. Before joining Young's, he spent 21 years at Courage, now part of Scottish & Newcastle, where he worked his way up to business unit director.
Mr Read delayed his departure beyond the company's official age of retirement for one year while a successor was sought. He will not receive a pay-off. Although yesterday's announcement sparked speculation that John Young, the group's 81-year-old chairman was also preparing to step down in favour of his son James, the deputy chairman, this was denied by a company insider.
If asked when he intends to retire, the ebullient Mr Young retorts that he is a "spring chicken relative to his 112-year-old grandmother". He has said he feels that he has "at least another 30 years in him", at previous shareholder meetings.
Young's last month made the first share repurchase under a scheme that would allow it to buy back up to 10 per cent of its stock. Analysts have suggested the move could lead to the simplification of the company's Byzantine share structure. The two-tier share system, through which the family controls the bulk of the voting B shares, receives an annual drubbing from Guinness Peat Group, the activist investors. But the company has denied that it intends to relinquish control by moving to a single class of share.
In the half-year to last September, Young's posted pre-tax profits before exceptionals of £4.7m, up just 0.3 per cent. It had sales of £55.4m.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines MH17 crash: Was a Russian-made missile really parked in this quiet square?
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...