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Majestic's How to retire within a year

Published:  23 July, 2008

Majestic chief operating officer Steve Lewis (pictured right) is to take over the post of chief executive, after the board announced that Tim How is to stand down from the position in the next year.

His decision to retire follows 19 years of service as the company's chief executive and chairman Simon Burke paid tribute to the 57-year-old's tenure at the company.

He said: "Tim How has led Majestic from a small loss-making chain to the most successful independent wine retailer in Britain. Along the way he has created tremendous value for shareholders, acquired a loyal and dedicated customer following, and built a highly professional retail and management team. He has been a truly great chief executive and we all owe him a huge debt of gratitude. We wish him a long, happy and prosperous retirement."

Lewis has been chief operating officer for the past two years.

Burke added: "Tthe Board is delighted that Steve Lewis, Tim's long-standing deputy and someone who has dedicated many years to building the Majestic business, has agreed to become chief executive upon Tim's retirement. Steve will be appointed after an appropriate handover period."

Lewis, 44, worked his way up the ranks at Majestic after having started with the company as a graduate trainne manager in 1985 - he has worked on the board since 1998.