Punch CEO quits

Punch Taverns CEO Roger Whiteside has resigned from the UK pub group with effect from 1 February.

Roger Whiteside, outgoing CEO of Punch Taverns

Whiteside’s move to take up the role of CEO at bakery chain Greggs comes in the middle of Punch’s discussions over the financial restructuring of its business.

As a result, the board has opted for short-term leadership continuity, with former non-executive chairman Stephen Billingham taking on an executive role, while the group’s property & turnaround director Neil Griffiths becomes COO, both with immediate effect. The group announced that it would not be appointing a new CEO for the moment.

Thanking Whiteside for his work at Punch, which he has led since its demerger from Spirit in 2011, Billingham said: “Roger and the board have set out a clear operational plan to return the core estate to growth and maximise value from our non-core assets.

“I am confident that with the appointment of Neil Griffiths as COO and with the experienced management team in place at Punch we will continue with the progress we are making in delivering on these key strategic goals.”

Announcing its first quarter results in December, Punch described a like-for-like net income slip of 5% on its core estate as being “in line with management expectations.”

Having begun a major disposal programme in 2011, Punch has so far raised £193 million from 758 pub sales and confirmed plans to get rid of around 400 “non-core” pubs during the current financial year. Earlier this month it made a significant dent in this target by putting 65 pubs on the market.