Adam Fowle quits Mitchells & Butlers

Mitchells & Butlers (M&B) has announced that Adam Fowle, its chief executive, is to leave the group "by mutual consent".

The shock move comes hot on the heels of chairman John Lovering's departure and means the managed operator will have to undertake yet another search for a senior executive at a time when it is trying to convince the market and investors that its strategy and operational focus is on track.

Jeremy Blood, a former Scottish & Newcastle executive and current M&B non-executive director, will head the company while a full-time replacement is sought, the group revealed.

Fowle had been M&B's chief executive for the past two years and had been with the group for a number of years in different roles prior to his appointment, including business development director. M&B said he will remain on board "for a period to ensure an orderly and effective transition".

Throughout the upheaval of the last 18 months, which saw the M&B board engaged in a bitter battle with a number of shareholders and led to the ousting of Simon Laffin as chairman - to be replaced by Lovering - Fowle was seen by outsiders as a steady influence on the group.

In a statement M&B's recently appointed chairman Simon Burke said: "Adam has made a significant contribution over a number of years to Mitchells & Butlers and in particular in the past two years, developing and leading the strategic change the company has undertaken whilst maintaining a strong operational performance in challenging conditions.

"He leaves the company in a much stronger position than when he took over as chief executive and we wish him all the best for the future."

Burke said Blood had "significant industry and corporate experience and I look forward to working with him during this interim period".

M&B's statement did not offer a comment from Fowle.