Whitbread chief executive Andy Harrison to step down
Whitbread, the owner of the Costa and Premier Inn chains, has announced that its chief executive Andy Harrison has decided to retire as chief executive of the business.
He will step down by the end of the current financial year which closes in February 2016.
The company said a succession process is now underway and that external and internal candidates are being considered.
Whitbread chairman Richard Baker said: “Whitbread has gone from strength to strength under Andy’s leadership, delivering consistent rapid and profitable growth built around our strong brands and the company’s unique culture.
“Over the last five years our revenues have grown by 13% per annum, driving a 17% per annum growth in our earnings per share, which has increased the company’s market capitalisation from £2.5 billion to £9.7 billion. Whitbread has a clear strategy, ambitious growth milestones and the strength of leadership to successfully deliver these goals.”
The news comes as homewares retailer Dunelm announced that Harrison will succeed Geoff Cooper as chairman of the business in July.
Harrison said: “After 18 years as chief executive of three different public companies it is time for me to plan my retirement from full time executive life and to seek new challenges. In the meantime, it is business as usual, which means that the Whitbread team and myself remain fully focused on continuing to deliver profitable growth.”
