Thwaites names Richard Bailey as its new chief executive

Daniel Thwaites, the Lancashire brewer, has revealed its third boss in four years.

Richard Bailey, who has been leading the brewer's growth and strategic development activity, has been appointed to the newly-created post of chief executive with immediate effect, replacing the outgoing Peter Morris, who had held the position of managing director since 2008.

Thwaites said Morris had told the board he intended to leave the company "in order to pursue new opportunities", and was also resigning as a director. Morris, a former Scottish & Newcastle executive, replaced Brian Hickman, who left the brewer abruptly in October 2007 by "mutual agreement".

Ann Yerburgh, Thwaites' chairman, said Morris had made a "significant contribution" to the business, restructuring both its pub and brewing operations. "We wish him well for the future in all that he does," she added.

She added that under Bailey's leadership Thwaites' ambitious plans for the future would "allow us to succeed in a challenging environment".

Bailey, who joined Thwaites as a non-executive director in 2002 before becoming a full time director two years ago, said the brewer had witnessed a lot of changes, which had been in response to the economic and market downturns. It was entering a new phase in its development, he added.

"Challenges remain but we have a clear strategy to respond to those and I'm sure that will underpin our future," he said.

Last year Thwaites confirmed it would be keeping its warehousing and distribution operations in-house, following an internal review.

In 2009 37 of its 42 managed pubs were transferred to tenancies.