Britain's Fevertree Drinks said on Tuesday 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 Fevertree'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 Fevertree's annual general meeting in 2023 to enable succession planning, the company said.
'Rapid Growth'
Fevertree is listed on the Alternative Investment Market of the LSE and has grown rapidly over the years, emerging 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.
Fevertree 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.
News by Reuters, edited by Donna Ahern, Checkout. For more Drinks stories, click here. Click subscribe to sign up for the Checkout print edition.
