Mitchells & Butlers appeared to have won a battle with major shareholder Joe Lewis and appointed a new chairman of the group.
After yesterday's announcement that it was asking the Takeover Panel to look into the behaviour and motivation of certain shareholders - understood to be Lewis, who owns around 23 per cent of the company's stock - M&B today revealed Simon Laffin, a senior non-executive director of the group, as its new chairman.
He replaces Drummond Hall, who had previously announced his decision to retire with immediate effect.
Laffin's future on the M&B board was one of the areas of contention between Lewis and the pub company.
Lewis is understood to have already blocked M&B's first choice for chairman, ex-Asda boss Archie Norman, and was said to be demanding the resignation of Laffin.
In addition to announcing Laffin's appointment M&B said Richard McGuire, a non-executive director on the group's board and a representative of Lewis' company Piedmont Inc, had stepped down.
Three other directors, Denis Jackson, Ray MacSharry and Douglas McMahon, another Piedmont representative, also stepped down, M&B said.
Laffin said in a statement that the company was "moving swiftly and decisively to protect the interests of all shareholders and to maintain a sharp focus on operations".
Despite the Laffin appointment M&B still planned to discuss the role of Lewis and other investors with the Takeover Panel, a spokesman said today.
"We have not resolved the issue we raised yesterday. We want an independent board that represents the interest of all shareholders," he added.