The brewing giant SABMiller flouted corporate governance rules yesterday as it announced a major management shake-up which will see its chief executive, Graham Mackay, 62, move up to become chairman.
He will replace Meyer Kahn, 72, who has chaired SABMiller since it floated in 1999. In turn Alan Clark, 52, currently managing director of Europe, will become chief operating office before taking over as chief executive in a year's time. Mr Mackay, who joined what was then South African Breweries in 1978, will be executive chairman for that year.
The Peroni brewer admits in a letter to shareholders that a move from chief executive to chairman is against the UK Corporate Governance Code. But the firm argues that the shake-up is in the best interests of its shareholders.