Welcome to Punch Taverns Mr Dyson

What are the odds that last week would have been the first in a long while that Giles Thorley enjoyed from start to finish?

Having stepped down as chief executive of Punch Taverns, he is unlikely to need to head straight back into the job market with any degree of urgency.

After all, his bank balance has been swelled by numerous not-insignificant bonuses over the years - no cynicism intended.

After all, if I had been a Punch shareholder and had gotten out, oh, say three years ago, I'm sure I would have been grateful for Thorley's well-remunerated efforts in helping to build up Punch to be the largest UK pub company with a series of deals and acquisitions, the tails of which helped boost the fortunes of the likes of Admiral Taverns - at the time, anyway.

Quite what Thorley's replacement, Ian Dyson, has in mind for the group is anyone's guess.

The former Marks & Spencer moneyman will be getting to know the business as quickly and as thoroughly as he can. Lessees will doubtlessly be fervently hoping he will bring a new perspective to their operations.

Will he prefer the economics of the managed side of the business over the leased 'partnership' operation? Who knows.

He would do well to meet as wide a cross-section of his partners and pub managers as he can.

And having assessed things like Punch's finances - most definitely its finances - its relationships with institutional shareholders, suppliers and, of course, members of Parliament, if he rolled up his sleeves for a day and worked in a pub - behind a bar and down in the cellar - that would be good for all concerned.

Whatever his plans, Dyson joins Punch at one of the most critical points in its history. What he decides to do in the coming months, in conjunction with his fellow executives, will prove crucial.