Chairman Richard Oldfield will retire from the board after the company’s AGM on 30 October, following six years as chair and 10 years as a director.
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Internal moves
Chief executive Jonathan Neame will succeed him as executive chairman, while chief financial officer Mark Rider will become managing director from the same date.
The company said it expected to appoint a new finance director by the end of its 2027 financial year. Until then, Rider will continue to oversee the finance department.
Shepherd Neame has also appointed Graham Turner as a non executive director with immediate effect.
Turner has more than 25 years’ experience in pubs, restaurants and hospitality, including former roles as chairman of The Liberation Group, chief executive of Tragus Group and chief executive of The Unique Pub Company.
Oldfield said Shepherd Neame was a “special business” and praised the resilience and adaptability of its management through “one of the more challenging periods” in its history.
He added: “In a business such as Shepherd Neame, continuity is an important factor which has served the company well in its 300 year history and we are fortunate to have the combination of two highly qualified individuals to steer the company forward.”
Trading update
The Kent brewer and pub operator also said full year profit was expected to be in line with expectations.
Like for like sales across its retail pubs rose 3.8% for the 52 weeks to 27 June, while tenanted like for like pub income increased 2.7%.
Total beer volume was down 5.4% over the year, while own beer volume fell 9.6%. However, own beer volumes in its retail and tenanted pubs rose 3.5% and 5.1% respectively.
Neame said: “This has been another year of strong trading for our pub business with both our retail and tenanted divisions enjoying strong like for like sales.”
He added the new financial year had started well, with retail like for like sales up 4.3% for the three weeks to 18 July, boosted by strong trading in early July and good weather.
The update follows continued investment across the estate, including a £200,000 refurbishment of the George Hotel in Cranbrook and a £1.8m reopening of the Hoop & Grapes in Farringdon earlier this year.
