Giles Thorley quits Punch Taverns
Punch Taverns chief executive Giles Thorley has announced his resignation from Punch Taverns.
Punch said it is "well advanced" with the process of finding a successor and that there will be an "orderly transition".
No date has yet been set for Thorley's departure and he will remain in place to hand over to the new chief executive.
"After nine exciting years at Punch I have decided to leave the business," said Thorley.
"Having grown Punch into Britain's largest pub company, the past two years we have faced the worst recession for a generation and significant structural and political challenges to the industry.
"We have made good progress in reshaping our business and balance sheet, stabilised our operating performance and have taken the right actions to position Punch to achieve long term sustainable success.
"Punch has a great team in place and I am confident that they can continue to lead the industry forward and secure the future of the great tradition that is the British pub."
Chairman Peter Cawdron added: "I would like to thank Giles for his incredible commitment and drive that he has brought to Punch during his time with the business.
"His dedication has not wavered during good and bad times and he will leave a business poised to benefit from an improvement in economic conditions.
"The Board wishes him every success in the next part of his career."
