Punch Taverns names M&S man as CEO
Punch Taverns has appointed Ian Dyson, currently Marks & Spencers' (M&S) group finance and operations director, as its new chief executive.
He replaces Giles Thorley, who announced his intention to resign from the business last month, "on a date to be agreed", Punch said in a statement.
Dyson's M&S contract requires six month's notice from the time he offered his resignation - which was this morning. It is not clear if Punch will 'buy out' his notice period to get him onboard as soon as possible.
Punch said Dyson, who is 47, held his current role from April 2008, before which he was group finance director on joining M&S in 2005. He was previously finance director at the Rank Group until June 2005.
Dyson had been strongly tipped last year to succeed outgoing M&S chief executive Stuart Rose, but the top job went instead to Marc Bolland, the former boss of supermarket chain Wm Morrison.
His appointment as Punch boss will come as a blow to Roger Whiteside and Mike Tye, heads of Punch's leased and managed pub operations respectively and who had themselves applied for the top job.
Punch said Dyson "had a deep understanding of the retail and leisure sector as well as a strong track record of driving operational performance having worked in some of the UK's leading businesses".
His first task will be to assess Punch's financial situation and see it and its managed and leased pubs through the current economic downturn.
A spokesman said once Dyson arrives at the business he will take a look at the operation "from the top down", but he couldn't comment on what his plans would be. "He will look at what is in place and either endorse or refine," he added.
Mindful of the row over executive pay, Punch stressed it would be paying Dyson less than he currently earns at M&S. Last year the clothing-to-food retailer paid Dyson a total package worth £1.009m, including basic pay of £625,000. Last year Giles Thorley was paid a total of £681,000, including a basic salary of £525,000.
Simon French, an analyst with broking firm Panmure Gordon said: "The fact that Ian Dyson has strong financial skills is something of a bonus given that Punch's three securitisations remain in a cash trap and will require careful management over the next eighteen months to improve the debt service coverage ratios to an extent that cash can once again be up streamed to the public company."
