Punch Taverns has officially welcomed its new chief executive Duncan Garrood as Stephen Billingham reverts back to the role of non-executive chairman.
Garrood, who was previously president of food at international franchise operator MH Alshaya, started work yesterday.
Punch announced that, in accordance with the rules of its long term incentive plan, the remuneration committee had granted Garrood a conditional award of options at a price of £1.23 per share over 650,406 ordinary shares in the company.
The options will normally be exercisable between 16 June 2018 and 15 June 2025 subject to Garrood’s continued employment and targets being met. In the event of the options becoming exercisable, the exercise price payable would be a total of £1.
The issued share capital of the Company is currently 221,892,729 ordinary shares of 0.9572p each.
