Marston’s Share Price Fell on CEO Departure but Later Recovered

Marston's PLC (LON: MARS) share price fell 5% after announcing the appointment of Justin Platt as its new CEO following the immediate departure of current CEO Andrew Andrea. After successfully guiding the company through the challenges of the pandemic and recent turbulent economic conditions, Andrew Andrea has decided to step down from his role.

Andrew will, however, remain available to facilitate a seamless transition of responsibilities during a transitional period. The Board acknowledges and appreciates Andrew's unwavering dedication to the company during his 20-year tenure.

In a positive development, the Board has conducted an external recruitment process and is pleased to introduce Justin Platt as the incoming Chief Executive Officer, effective January 10, 2024. During the interim period, William Rucker, the company's Chair, will oversee the management transition, with the Executive team reporting directly to him.

Justin brings an impressive background, boasting over 30 years of experience in the hospitality and consumer-oriented sectors. 

Justin’s most recent role was as Chief Strategy Officer at Merlin Entertainments, where he demonstrated his prowess in strategic clarity, a commitment to enhancing customer experiences, and an unwavering focus on delivering tangible business results.

His extensive experience in managing multi-site leisure businesses makes him exceptionally well-suited to lead Marston's into its next phase of growth and development. Despite the ongoing challenges, the company's current trading performance aligns with the management's expectations. 

William Rucker commented: “Andrew has worked for the Company for over 20 years, and the Board thanks him for his valuable contribution, particularly in recent times, which has been one of the most challenging for our sector. He leaves with our very best wishes. Looking forward, I am very pleased to be able to announce the appointment of Justin Platt, whose broad Consumer sector expertise, strategic acumen and prowess in customer experience at Merlin will be of great benefit to Marston's at this stage in the Company's journey.”

Andrew Andrea commented: “I am extremely proud to have navigated Marston's out of the pandemic as a focussed pub business and put in place a first-class management team who are achieving market outperformance.  This is the right time for me to step down, and I am confident the business is in great shape with strong future potential.  I wish William, Justin and the whole team continued success in the future.”

Marston’s share price. 

The Marston’s share price fell 5% to trade at 31.33p from Thursday’s closing price of 32.98p.