Giles Thorley to step down as Punch boss

Giles Thorley is to step down as chief executive of Punch Taverns.

The company announced the move this morning and indicated that it was "well advanced" with the process of appointing a successor.

Commenting on his departure, Thorley said: "After nine exciting years at Punch I have decided to leave the business. Having grown Punch into Britain's largest pub company, the past two years we have faced the worst recession for a generation and significant structural and political challenges to the industry. We have made good progress in reshaping our business and balance sheet, stabilised our operating performance and have taken the right actions to position Punch to achieve long term sustainable success."

Punch chairman Peter Cawdron added: "I would like to thank Giles for his incredible commitment and drive that he has brought to Punch during his time with the business. His dedication has not waivered during good and bad times and he will leave a business poised to benefit from an improvement in economic conditions."

Thorley joined the company, which has around 7,500 pubs, as executive chairman in 2001. He became chief executive in January 2003.

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By Neil Gerrard

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