The Restaurant Group plc (TRG) is engaged in the operation of restaurants and pub restaurants. The principle brands are Frankie & Benny’s, Chiquito, coast to Coast, Garfunkel’s, Home Counties Pub Restaurants and Brunning & Price. I have a holding in my income portfolio (epic code: RTN).
The Restaurant Group today announced that Andrew Page has notified the Board that he wishes to retire as CEO in August 2014.
Although it is always unwelcome news when a highly talented CEO decides to retire and there appears not to be a natural internal successor, Page has agreed to remain with the Group as an advisor to the Chairman and presumably will be involved in the choice of his successor.
Page will have been with the Group for 13 years when he retires, eleven of these as Group MD or CEO and from 2003 he has grown sales by a compound 10% pa, earnings by 18% pa and the dividend by 14% pa - a very creditable performance.
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