Fever-Tree Drinks has said that its longstanding chairman, Bill Ronald, plans to step down in May next year and the company will start looking for a successor.
The company, which sells premium tonics and drink mixers, appointed Ronald as chairman in June 2013 ahead of Fever-Tree's debut on the London Stock Exchange (LSE) in November 2014.
Ronald, 67, who has also been the managing director of chocolate maker Mars' UK confectionery operations, will remain as chairman until Fever-Tree's annual general meeting in 2023 to enable succession planning, the company said.
'Commitment And Dedication'
"On behalf of the company, I would like to thank Bill for his commitment and dedication to Fever-Tree over the past nine years in which time he has made a real and lasting contribution to our success," commented Tim Warrillow, co-founder and chief executive.
"I have always greatly appreciated his passion for the business and his unwavering good nature and whilst I look forward to 12 more months of working closely together, he will be much missed."
Fever-Tree is listed on the Alternative Investment Market of the LSE and has grown rapidly over the years, emerging as a strong competitor to Coca-Cola's Schweppes.
The company's shares, which have risen 11-fold since their market debut, have lost 31% so far this year.
Fever-Tree said in March the jump in commodity prices following Russia's invasion of Ukraine had led to uncertainty around costs which would hurt its 2022 profit.
Commenting on his departure, Ronald said, "It has been a privilege to serve as chairman of Fever-Tree during a truly transformative time for the brand. There is a fantastic team in place across the globe, and I have no doubt it has a hugely exciting future ahead of it."
© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.