Associated British Foods plc has announced that Charles Sinclair, Chairman, notified his intention to retire from the board on 11 April 2018.
Michael McLintock, an independent non-executive director of the Company since 1 November 2017, will succeed Charles Sinclair as Chairman of the Company and as chairman of the Nomination committee on that date. Ruth Cairnie, an independent non-executive director of the Company, will succeed Charles as chair of the Remuneration committee on 11 April 2018.
In accordance with section 430(2B) of the Companies Act 2006, the Company confirms that Charles Sinclair will receive payment of fees for service up to the date of his leaving but that no other remuneration payment or payment for loss of office will be made in connection with his departure.
Recent reports reveal The Body Shop will shut up to half of its 198 stores in the UK and cut the size of its head office, incurring hundreds of job losses. According to the firm overseeing the restructuring of the beauty retailer, closures will begin this Tuesday.
Amidst brewing tensions, the US Federal Trade Commission (FTC) and a coalition of states are poised to take legal action as early as next week, aiming to prevent grocery giant Kroger’s $24.6 billion acquisition bid for Albertsons, Bloomberg reported.
The owner of Guinness and Baileys has hired financial service group Rothschild to explore the sale, which includes Pimm’s, fruit liqueur brand Safari and Pampero rum. Each brand could be offloaded individually or as a three, according to Sky News.