Roger White, the CEO of UK soft-drinks group AG Barr, is to leave the business within the next year.
The Irn-Bru maker said today (1 August) White’s departure will come “at a mutually agreed date in the next 12 months”.
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White’s exit will come 20 years after he joined AG Barr as chief executive. After joining the business as MD in 2002, White was appointed to the top job two years later.
In a stock-exchange filing, AG Barr, also home to brands such as Boost Drinks, said it will “immediately commence” moves to recruit White’s successor as CEO, including looking outside the business.
Mark Allen, AG Barr’s chairman, said: “Roger has served the shareholders, board, wider business and industry for over 21 years – this makes him one of the longest-serving CEOs in the UK public market. He has supported the transformation of the business from a regional soft drinks business into a highly successful multi-beverage, branded company that has delivered significant value to shareholders, stakeholders and employees.”
The news White is stepping down as AG Barr CEO came alongside a trading update for the 26 weeks to 30 July.
The group expects its revenue during the period to be around £210m ($269.2m), up 33% on a year earlier. Excluding Boost Drinks, which the company bought in December, AG Barr sees its revenue rising by around 10%.
The Moma alt-drinks brand owner said it grew revenue and volume during the half “reflecting underlying brand momentum”.
AG Barr said margins “remained under pressure but are in line with our expectations”.
It added: “We remain focused on offering consumers great value, affordable brands.”
Shares in AG Barr were up 1.87% at 480.33p at 09:16 BST.
