Punch appoints Stephen Billingham as chairman
Stephen Billingham is to become the new chairman of Punch Taverns in September, following the proposed demerger of Spirit.
He will replace Peter Cawdron, who will retire from the board after serving for more than eight years.
Billingham, 53, was finance director of British Energy Group from 2004 to 2009, before its sale to EDF in 2009 for £12.5b.
Meanwhile, Chris Bell, also 53, will become a non-executive director of Spirit, following the proposed demerger.
Bell has been chairman of GAME Group since June 2011, having joined the board in 2003 as a non-executive director. He was chief executive of Ladbrokes between 2006 and 2010. Prior to that, he spent six years as managing director at Hilton Group and eight years as managing director at Ladbrokes Group.
Ian Dyson, chief executive of Punch, said: "We are delighted that Stephen will become the chairman of Punch. This marks further progress as we head towards the demerger later this summer. Stephen brings with him extensive financial turnaround, risk and operational experience, which will be valuable in his role overseeing the development of Punch. We are also pleased to announce that Chris will join the Board of Spirit. He has extensive retail and leisure sector experience in the public arena and will bring this to bear as Spirit embarks on its future as a stand-alone company."
Stephen Billingham said: "I am looking forward to taking on the chairmanship of Punch after the demerger and working with Roger Whiteside managing director - Punch partnerships (leased)] and his management team to unlock value. This is a business with a strong foundation, improving momentum and good long-term prospects."
Punch demerger on track for the end of the summer >>
Punch to demerge Spirit and sell off 2,200 leased sites >>
By Neil Gerrard
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