SABMiller, the international brewer, has flouted corporate governance rules with the announcement of a shake-up of its management team , which will see chief executive Graham Mackay become chairman.
Mackay will serve as executive chairman for a year, after which his replacement as chief executive Alan Clark will take day-to-day control of the world's second largest brewer from the middle of 2013.
Current chairman, Meyer Kahn is retiring after 46 years.
The decision for Mackay to remain at the company contradicts typical corporate-governance practices, according to which outgoing chief executive leave the company rather than ascend to the chairmanship.
However, SABMiller said that there had been a “comprehensive consultation” with its shareholders on the issue, with the group’s two leading shareholders, Altria and Bevco, which hold 41% of the company’s shares between them, already agreeing to the decision.
The group also announced that its director of corporate affairs Sue Clarke is to succeed Alan Clark as managing director of SAB Miller Europe.
It follows Alan Clark’s appointment as group chief operating officer. Sue Clark, who is also a member of the company’s Group Executive Committee, took her present role at SAB Miller in 2003. Her previous roles included heading up corporate affairs for Railtrack and Scottish Power.
Sue Clark is to take her new position at the company’s AGM on 26 July.
Graham Mackay, SAB Miller chief executive, said: “Sue has a deep understanding of the SABMiller group and our culture, a proven ability to get things done in the organisation, and the right mix of skills to drive forward our European business.
“She has been extensively involved in the Group’s strategic planning, mergers and acquisitions activity, and commercial operating model over the past nine years, and instrumental in building and developing throughout the group the capabilities which are critical in enhancing our operational performance and consistently raising the profitability of local operations, while protecting our licence to trade and developing our businesses sustainably for the benefit of all stakeholders
“I am confident that she will bring to our markets in Europe the same management and vision with which she has led the corporate affairs function, to deliver further value enhancing growth.”
Meanwhile, SAB Miller also announced this morning that Rob Pieterse, who has been an independent non-executive director since 2008, will retire from the board at the AGM.
