Mackay heavy

23 April 2012 By Robert Cole

CEO Graham Mackay has served investors in the Miller Lite brewer very well. But no good company should be dependent on a single employee. That is why SAB’s decision to elevate Mackay to the chairmanship is disappointing. Shareholders should push for more independent oversight.

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SABMiller on April 23 proposed that Graham Mackay will become chairman of the global brewing enterprise. If the plan proceeds, Mackay will serve as executive chairman for a year and then become non-executive chairman.
Alan Clark, currently managing director of SABMiller Europe, will be appointed chief operating officer. It is expected that he will take the chief executive seat when Mackay becomes non-executive chairman in 2013.
Since listing in London in 1999, SABMiller shares have earned total returns of 735 percent. The FTSE 100 index has returned 44 percent over the same period.
Meyer Kahn, SABMiller’s current chairman will retire. John Manser, currently the senior independent non-executive director, is to be appointed deputy chairman.

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