M&B confirms Fowle as new boss
Mitchells & Butlers (M&B) has appointed Adam Fowle as chief executive.
Fowle had been acting chief executive at M&B since Tim Clarke resigned on 21 May.
Clarke resigned after M&B was forced to pay another £96m pre-tax to settle a disastrous hedge swap taken out in 2007 in relation to an aborted property deal with ertswhile investor Robert Tchenguiz.
M&B was forced to pay £391m to pay off part of the swap losses in January 2008 and Clarke offered to resign at the time.
Fowle joined the Board in October 2007 when he was appointed managing director for Restaurants. He has more than 20 years' experience in licensed retailing, having joined M&B in 1984, holding a number of operational and strategic roles, including becoming managing director of the Pubs & Bars division.
Fowle was also retail director at Sainsbury's for two years before rejoining M&B in 2005 as business development director.
"The Board appointed Adam as Chief Executive after an extensive search process which considered both internal and external candidates," said chairman Drummond Hall.
"I have no doubt that Adam will continue to build on the excellent track record he has already developed at the company and, drawing on his wealth of experience, will continue to drive the business's strong performance."
Fowle said: "Mitchells & Butlers is a great business with tremendous prospects. I sincerely welcome this opportunity to lead the Company forward and, together with the management team, intend to build on the success of our operational strength to make the most of our future potential."
