City snapshot: Marston’s appoints new chair | News

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Pub group Marston’s has appointed a new chair to succeed outgoing chairman William Rucker.

Rucker will step down on 8 July to be replaced by Kenneth Lever, who will succeed him as non-executive chair on the same day.

Lever will also be appointed as chair of the nomination committee.

Marston’s said Lever is “an experienced business leader”, having held a number of senior executive and non-executive positions at UK listed firms, across multiple sectors including retail, manufacturing, construction, software and business services.

He held executive roles at Alfred McAlpine, Albright & Wilson and Tomkins, and was CFO of Numonyx in Switzerland from 2008 to 2010 and CEO of Xchanging from 2011 to 2015.

He is currently non-executive chair at Cirata and was previously the non-executive chair of Biffa and RPS Group.

Octavia Morley, senior independent director, who led the succession process, commented: “Following a thorough independent selection process, I am really pleased to announce that Ken will be joining Marston’s as non-executive chair. Ken brings a strong and valuable external perspective to the board and his broad range of business skills and experience will support Justin [Platt, CEO] and the team as the business continues the next phase of its development.”

Ken Lever commented: “I am delighted to be joining Marston’s at this juncture and enthused by the opportunity ahead. Marston’s is a quality business with strong market presence, and I am looking forward to working with the board, Justin and the wider team to deliver sustainable growth that will drive value for our shareholders.”

Marston’s has an estate of 1,395 pubs nationally, employing around 10,000 people. It also holds a 40% holding in Carlsberg Marston’s Brewing Company after spinning its brewing operations off in 2020.

Morning update

Sainsbury’s has its AGM later this morning, but hasn’t put out any trading update ahead of the meeting following its first quarter update on Tuesday.

Cake Box has announced two board departures, with Adam Batty leaving the board by November 2024 and Alison Green stepping down at the end of the calendar year for personal reasons.

Its nominations committee will shortly commence the search for a replacement non-executive director and senior independent director with the “suitable skills and experience to join the board at the appropriate time”.

On the markets this morning, the FTSE 100 is up 0.6% this morning to 8,220.1p as the UK braces for general election day.

Risers include Ocado Group, up 2.3% to 307.4p, PZ Cussons, up 1.6% to 104.6p and Sainsbury’s, up 1.1% to 257.4p.

Fallers include Glanbia, down 5.6% to €18.04, Virgin Wines, down 4.7% to 41p and Science in Sport, back 2.7% to 18p.

Yesterday in the City

The FTSE 100 closed up 0.6% yesterday to 8,171.1pts.

Risers yesterday included Naked Wines, up 5% to 63p, Glanbia, up 5% to €19.10, Nichols, up 4.5% to 1,045p, WH Smith, up 3.6% to 1,166p, SSP Group, up 3.5% to 149.5p, Just Eat Takeaway.com, up 3.2% to 964p, C&C Group, up 2.5% to 159p and THG, up 2% to 64.9p.

The day’s few fallers included B&M European Value Retail, down 0.8% to 435.9p, PayPoint, down 0.8% to 633p, Pets At Home, down 0.7% to 294.6p and Wynnstay Group, down 0.7% to 370p.