All change at Punch Taverns?

When he joined Punch Taverns as chief executive Ian Dyson said he'd review everything across the business. A month or so on and the results of his labours are emerging: a change of financial advisors, possibly a change of corporate PR firm and then, last week, the announcement of Phil Dutton's impending departure.

Appointed finance director three years ago by Dyson's predecessor Giles Thorley, Dutton could be just the first of a series of changes triggered by the new boss as he seeks to distance himself from the past and create his own vision for the UK's largest pubco. Punch's new number cruncher will unquestionably be a Dyson appointee through and through.

Meanwhile, people are wondering if there will be any more departures from the executive team. Perhaps Roger Whiteside, architect of the new 'open and transparent' agenda for Punch's leased business? Or Mike Tye, who runs the group's managed estate?

One's initial thoughts are that the departure of such key executives would be bad for the group. Unthinkable even. Whiteside has done about as much as anyone in a company the size of Punch can do to change the way it operates with its licensees. And, like Dyson, he's a former M&S man to boot.

But will this mean his job is safe? If Dyson wants his 'own man' he'll get him, and he'll run the estate his way. When a new boss shows up, track records often count for little.

Like someone buying a run-down pub to do it up and create value, Dyson believes he can make a difference to Punch's longer term fortunes and create returns for shareholders. Then, like the aforementioned pub buyer, what next? Selling the business, perhaps?

Out of the coming months will emerge a clearer picture of what plans Dyson has in store ,and how he intends to implement them.