* European chief Alan Clark to succeed Graham Mackay
* Clark becomes COO in July, Mackay executive chairman
* Mackay becomes non-executive chairman, Clark CEO in July
2013
* Says moves does not break UK Corporate Governance Code
* SABMiller shares off 0.7 percent in lower London market
By David Jones
LONDON, April 23 (Reuters) – Global brewer SABMiller
said its European chief Alan Clark will succeed long-standing
Chief Executive Graham Mackay in July 2013 in series of top
management changes that will see the 62-year old Mackay take
over as chairman.
The move appears to fly in the face of the UK corporate
governance code which suggests that chief executives should not
go on to become chairman of the same group, although the code
does say this can be allowed if the company consults its
shareholders and sets out clearly the reasons for its decision.
The 52-year old South African Clark will be appointed chief
operating officer at the group’s annual general meeting this
July and work closely with Mackay who becomes executive chairman
for a year until becoming non-executive chairman from July 2013.
Continued…
