Tim Bridge is to retire from the board of Bury St Edmunds-based Greene King after 11 years as chairman, and a total of more than 45 years' service with the company.
The pubs and brewing group announced today that Mr Bridge will stand down on May 1, and be succeeded as chairman by Philip Yea who is joining the board as a non-executive director with immediate effect.
Mr Bridge said: 'I joined Greene King in 1970 and have been the chairman since 2005, following more than 10 years as the chief executive.
'I feel very fortunate to have spent my whole career working for a great company which has grown from being a regional brewer to one of the UK's leading pub hospitality companies.
'We have achieved this with an outstanding team of people and I feel confident that, through them, and with Philip Yea replacing me as chairman, the company will continue to prosper in the future.'
Rob Rowley, Greene King's senior independent non-executive director, said: 'We would like to thank Tim Bridge for his excellent and extensive contribution to the group, spanning over 45 years.
'He has done an outstanding job as chairman and it has been a real pleasure working with him. His experience and advice, coupled with his deep commitment to the success of the business, have been invaluable and the board and I wish him a happy and healthy retirement.'
He added: 'We are also very pleased that Philip Yea has agreed to join the board and to take over from Tim as chairman from May. He has a wealth of industry knowledge and I am sure that his wide expertise, business experience and personal qualities will contribute greatly to the future and continued success of the group.'
Mr Yea is currently senior independent director at both Vodafone Group plc and Computacenter plc and also a non-executive director of Aberdeen Asian Smaller Companies Investment Trust plc. He is also an independent director and trustee of the Francis Crick Institute.
He has recently stepped down as chairman of bwin.party digital entertainment plc following the successful completion of its acquisition by GVC Holdings. From September 2014 to June 2015 he was a member of the supervisory board of Rocket Internet SE, a German company listed on the Frankfurt Stock Exchange.
He has considerable executive experience in both the quoted and private equity sectors, having been chief executive of 3i Group plc from 2004 to 2009. He is a former finance director of Diageo plc and, as finance director of Guinness plc, was closely involved in the creation of Diageo through Guinness's merger with GrandMet in 1997.
He said: 'I am delighted to be joining Greene King and it will be an honour to succeed Tim Bridge when he retires as chairman. Greene King is admired for its brands and people, and I am looking forward to working closely with Rooney and the rest of the board in the next stage of its progress as a leading pub hospitality company.'
Mr Yea will initially be appointed as a member of Greene King's nomination and remuneration committees. He will take over as chairman of the nomination committee, and resign from the remuneration committee, when he becomes chairman in May.
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