UK: Scottish & Newcastle board resigns as Heineken ownership looms

The entire board of Scottish & Newcastle (S&N) tendered its resignation as the UK brewer prepared for a new era of ownership under Dutch drinks giant Heineken, The Publican reported April 24.

As the group prepared to delist its shares at the close of stock exchange business this afternoon, S&N’s chairman Sir Brian Stewart accepted the resignation of his executive colleagues with effect from next Monday, April 28, the anticipated completion date of the £7.8bn takeover.

Stewart paid tribute to his fellow board members, four of whom will be retained as consultants during the three month integration period, including S&N chief executive John Dunsmore.

“I wish to thank the board and all our colleagues at S&N for their hard work and dedication to the company in building a great business for the benefit of shareholder, stakeholders, customers and consumers.”

Dunsmore has been linked as a possible replacement for Mitchells & Butlers’ chief executive Tim Clarke.

25 April, 2008