Punch Taverns CEO Duncan Garrood has stepped down from the role following the completion of Patron Capital’s £1.8 billion acquisition of the company.
A new CEO will be joining Punch in 2018. In the interim, Steve Dando, Punch’s CFO, will assume the position of Interim CEO for the transitional period.
Garrood took on the role in March 2015, joining from his role as president of the food division for franchise operator MH Alshaya, a role he had held since 2009.
'Over the last couple of years Punch has undergone a transformation from a financially distressed business, through to the development of a customer service and hospitality-focused outlook and the roll out of a thriving retail model,' said Garrood.
'Our shareholders have now received a substantial premium to the prevailing share price when I joined, and the business is transitioning to new ownership. It seemed to me the time was right for a new CEO to lead Punch into the next phase of its development, and for me to look to my next challenge.'
Stephen Green, director of Punch Taverns and Senior Partner of Patron Capital, added: 'On behalf of the company, I would like to thank Duncan for his service and wish him well in his future endeavours. The company will announce further details of the new permanent CEO who will be joining the business in due course. In the meantime, we would like to thank Steve Dando, Punch’s CFO, for agreeing to act as Interim CEO until the new permanent CEO joins the business.'