Sir Francis Mackay is to step down as chairman of the Compass Group after 20 years at the catering company.
He will leave at the annual meeting in February 2006. It is understood he has had the desire to do so for some time, and a company statement said, ‘the board has been discussing an orderly succession process. In line with that plan, a formal search for a new chairman has commenced.’
Sir Francis began as finance director at the company in the eighties and has been chairman since 1999. He oversaw its expansion from a £250m sales UK business to its present position with more than £12bn sales globally.
Compass is now the world’s largest catering company, but has issued two profits warnings since September.
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