Marston's appoints Justin Platt as CEO as Andrea steps down

17th Nov 2023 07:52

(Sharecast News) - Marston's said on Friday that Andrew Andrea has agreed to step down as chief executive with immediate effect after more than 20 years at the pub group, and will be succeeded by Justin Platt on 10 January 2024.

Andrea will be "available to the business for a period to ensure a smooth handover of responsibilities", the company said.

It also said that chair William Rucker will support the management transition in the short interim period, with the executive team reporting directly into him.

Platt has more than 30 years' experience in hospitality and consumer-facing businesses, having spent the last 12 years at Merlin Entertainments. Most recently, he was their chief strategy officer and prior to that he held a variety of operational leadership roles.

"Justin has a proven track record of delivering sustainable business growth through his clarity of strategic focus, a passion for enhancing customer experiences and a relentless focus on business results delivery," Marston's said.

"Justin's combination of operational and strategic experience in multi-site leisure businesses equips him perfectly to lead Marston's through the next phase of its development."

The pub chain also gave a very brief update on current trading, which it said remains in line with management expectations.

Rucker said: "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."

Russ Mould, investment director at AJ Bell, said: "The immediate departure of a chief executive is never a good look, particularly one who has only been in the role for two years as we've just seen with Marston's. It suggests the board of directors want someone more dynamic and there is no point waiting around for the outgoing person to serve their notice period.

"Chief executive Andrew Andrea has been with Marston's since 2002, mostly in finance-related roles. He is being replaced by Justin Platt from theme park operator Merlin Entertainments so one might expect more innovative ideas to get people through the doors of Marston's pubs for a drink and a meal.

"What's interesting in this situation is how we're not seeing a CEO leave because of fundamental problems in the business. Marston's has been trading well and Mr Andrea has steered the group through a tough period following the pandemic. Marston's has always been a 'steady as she goes' type of business, so to bring in someone from outside of the pubs sector to run it implies a shift in thinking."