Froggatt to step down in November
Tony Froggatt, CEO of Scottish and Newcastle, has announced his departure, after five years in the top job.
Scottish & Newcastle, chief executive, Tony Froggatt will step down on 1 November 2007, to be replaced by John Dunsmore.
The announcement comes after a week of speculation, which began with news that Froggatt would leave the brewer in early 2008, having spent nearly five years in the top job. It has, to some extent, also quelled the expectation of an imminent take-over of the brewer.
Dunsmore began his career at Scottish and Newcastle before leaving to work in London's financial district in roles including head of equities at NatWest Securities. He returned to the brewer in 1996 and joined its board six years later.
He pipped two other internal candidates to the post: John Nicolson, made managing director of eastern Europe, Asia and the US earlier this year; and Ian McHoul, the finance chief since 2001.
The City has interpreted the internal appointment as making it less likely that S&N would agree to any potential takeover bid from Carlsberg of Denmark, already its joint venture partner in Baltic Beverages Holdings.
Froggatt, 59, became CEO in May 2003. He was president of Seagram Co.'s spirits business in Europe, the Middle East and Africa before joining the brewer and also has worked at companies including Gillette Co. and H.J. Heinz Co.
He has agreed to stay with Scottish and Newcastle for a further three months to ensure a smooth transition.
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