Wanted: new chief executive for S&N
Brian Stewart, the 56-year-old executive chairman of Scottish & Newcastle, the £3.5bn brewer, is said to be preparing to step down after less than two years in the job.
It is believed that headhunters have been appointed to find a new chief executive to replace Mr Stewart, who will stay-on as non-executive chairman.
Analysts believe one of the first tasks the new boss will face will be to sell-off its pub and hotel businesses. The move would reflect the company's desire to focus on becoming a truly global player in the brewing market.
S&N has already sold off its leisure businesses, Center Parcs and Pontins, as well as a large chunk of its tenanted estate through a sale-and-lease-back deal with Royal Bank of Scotland.
With 1,400 outlets, it still has a sizable managed operation that includes Chef & Brewer, the John Barras community pub-chain, and Premier Lodge, the budget hotel brand.
Last year it bought Kronenbourg 1664 from Danon, the French food group. It has recently been linked with a possible tie-up with US brewer Miller.
Mr Stewart, who was paid £703,000 last year, joined S&N in 1976 before rising to the board in 1988 when he was made finance director. He became executive chairman in July 2000.
There was also speculation over the future of Guy Dickson, S&N's managing director. Last year, Dickson's total pay package was £522,000.
A spokesman for S&N said: "At 57 and 56 [respectively], Mr Stewart and Mr Dickson are not going to keep working forever, but S&N is currently very happy with its existing structure."
