The Board of Punch Taverns Plc (“Punch” or “the Group”) today announces that Robert McDonald is retiring as Finance Director.  

Robert (52) was appointed Finance Director of Punch Taverns in 2002, shortly prior to the Group’s flotation, having held the position of Finance Director of the leased and tenanted division of Punch Group since 1999.  He first joined the industry in 1982, and worked in various roles for Allied Domecq, latterly as Finance Director of Allied Domecq Inns from 1995 until that company was acquired by Punch in 1999.  

Robert will be replaced by Phil Dutton, (45), (ACA), who joined the Board of Punch as a Non Executive Director in January 2007. It is anticipated that Robert will leave the Group in October 2007 after a suitable handover to his successor.

Phil will become an Executive Director on 10 September 2007. He brings with him a wealth of experience of consumer-facing businesses from some of the UK’s leading retailers.  Phil was formerly Finance Director of Matalan plc from 2002 to 2007 during which time he was responsible for driving improvements to operational cashflows and efficiencies, particularly in the area of stockflow where notable reductions in cover and markdowns were achieved. 

Prior to this, he held a number of senior positions within both Finance and IT at Asda Group PLC, from 1990 to 2002, culminating in the role of Business Integration/IT Director from 1999 to 2002.  From 1985 to 1990, Phil was an audit manager with PriceWaterhouseCoopers.  From 1982 to 1985 he worked for Pannell Kerr Forster.  

The Board would like to express its gratitude to Robert for the significant contribution which he has made to Punch during his time with the business and wishes him well in his future endeavours.

It is the Group’s intention to appoint an additional Non Executive Director to the Board in due course.  A search is well underway and it is anticipated that a replacement will be announced shortly.
 
Giles Thorley, Chief Executive, said:

“Robert has been an extremely valued member of the team and I would like to thank him personally for his outstanding commitment and dedication during what has been a time of exceptional growth for the Group as we have continued to build the UK’s premier pub company.  

“We couldn’t wish for a better successor in Phil Dutton.  He has had time to get to know our business and brings with him exceptional financial experience, together with a considerable pedigree with some of the UK’s leading retailers which will be invaluable to Punch’s future development.”

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