RNS Number : 8301X
13 February 2013
13 February 2013
Britvic plc ("Britvic")
Board Change and Financial Guidance for 2013
The Britvic board announces the appointment of Simon Litherland as Chief Executive Officer with immediate effect. Simon has been Managing Director of Britvic GB for more than a year, having joined from Diageo where he held a series of domestic and international roles over 20 years, latterly as managing director of Diageo GB. Paul Moody, outgoing Chief Executive Officer, will retire from the company and will be available for six months on a consultancy basis to ensure a smooth handover to Simon.
Gerald Corbett, Britvic's Chairman, said: "Simon has an excellent track record and has done well with our GB business in the last year. He is ideally equipped to take the group to the next stage. I'd like to thank Paul for all he has done for Britvic over the last 16 years. It has been a long innings full of much success and we wish him well for the future."
Paul Moody said: "Now is the right time for me to explore new opportunities and I'm pleased to be doing so at a time when the business performance is showing encouraging signs of improvement in all markets. Simon joined us as part of the board's succession plan; I've enjoyed working with him and am confident in the company's future success."
Simon Litherland said: "I'm delighted to have the opportunity to lead Britvic at a group level. With our outstanding brands, a strong plan for the year and a hugely committed workforce, the business has great potential. The immediate task is to build on the improving performance that we have seen in recent months. That will be my top priority."
2013 Financial Guidance
In addition, Britvic is today outlining its financial guidance for the 2013 financial year:
- EBIT currently expected to be in the range of £125m to £131m, including the previously guided £8m costs associated with the Fruit Shoot recall
- Capital spend in the range of £35m to £45m
- Pre-exceptional free cash flow generation to be a minimum of £70m, leading to further debt reduction
For further information please contact:
Rupen Shah/Steve Nightingale +44 (0)1442 284330
Mike Smith/Nick Cosgrove (Brunswick) +44 (0)207 404 5959
Susan Turner/Marisa Fitch +44 (0) 7808 098292
Notes to editors
Simon Litherland's biographical details:
Simon Litherland, age 48, performed the newly-created role of Managing Director, Britvic GB, from September 2011, bringing with him valuable experience he obtained from Diageo, where he was the Managing Director of the GB business. During his time at Diageo, Simon was responsible for an extensive portfolio of brands including Guinness, Smirnoff, Johnnie Walker and Baileys. Previously, Simon was the Managing Director of Diageo in South Africa which led to his appointment as Managing Director of Brandhouse, a joint venture involving Diageo, Heineken and Namibia Breweries. Simon has also been a non-executive director of Namibia Breweries during the past five years.
There are no further details in relation to Simon Litherland which require disclosure pursuant to paragraph 9.6.13 of the Listing Rules of the Financial Services Authority.
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