UPDATE: Punch Taverns Names M&S's Dyson CEO

U.K. pub group Punch Taverns PLC (PUB.LN) Wednesday named Marks & Spencer Group PLC's (MKS.LN) finance director Ian Dyson as chief executive.

Dyson, aged 47, will leave the retailer on a date yet to be agreed, to replace Giles Thorley, who announced his intention to leave Punch Taverns earlier this year.

No details on his leaving date were revealed, though M&S said he was committed to ensuring a smooth handover.

"Although the timing of an announcement of this sort is never perfect, my background in leisure makes Punch a very exciting opportunity and one I couldn't ignore," Dyson said in a statement.

A spokesman for Punch said Dyson had a six month notice period at M&S and is negotiating a leaving date. He added that while Dyson's terms of emplyment weren't being disclosed, his salary and bonus potnetial would be less than at M&S and he was in effect taking a pay cut to join Punch Taverns.

Still, Dyson's resignation was no surprise to Shore Capital analyst Kate Calvert, who said a move elsewhere was likely after he failed to land the top job at M&S.

"We expected him to go," she said. "He is ambitious."

Dyson joined M&S as finance director in June 2005 but failed to get the chief executive's role, which instead went to Marc Bolland, formerly of William Morrison Supermarkets PLC (MRW.LN).

"Ian has a deep understanding of the retail and leisure sector as well as a strong track record of driving operational performance having worked in some of the U.K.'s leading businesses," Punch said in a statement.

Dyson is a qualified chartered accountant and formerly served as finance director of bingo and gaming company Rank Group PLC (RNK.LN). Before that, he was financial controller of hotelier and gaming company Hilton Group. He wasn't immediately available to comment further on his new appointment.

Punch shares jumped 1 penny, or 1.4%, to 87 pence on the news, having traded lower for much of the day after a downbeat update from rival JD Wetherspoon PLC (JDW.LN).

Dyson joins Punch at a difficult time for the pub company. Thorley is stepping down from Punch at just 42 years of age after nine turbulent years at the helm.

Like most pub companies, Punch has faced a difficult few years, as the recession hit spending in pubs particularly hard. Punch's huge debt also meant it had less flexibility to respond to the downturn than its rivals.

After joining Punch in 2001, Thorley oversaw the rapid expansion of Punch from an estate of 4,500 pubs in 2003 to over 9,500 by 2006. This included the purchase of the Spirit pub group for GBP2.7 billion, financed largely through debt.

This rapid expansion, and the accumulation of huge debts that went with it, while lauded at the time, has since been heavily criticized.

Under Thorley, Punch's share price rose rapidly to reach a peak of nearly 1400 pence in the summer of 2007. It has since plummeted as first the credit crunch and the recession hit confidence in its business model.

Meanwhile, Dyson's departure is unwelcome news for M&S's new CEO, coming in Bolland's first week in the job. An M&S spokeswoman said no timetable has yet been set for recruiting a replacement for Dyson.

-By Michael Carolan, Dow Jones Newswires; 44-20-7842-9278; michael.carolan@dowjones.com

J D Wetherspoon (PK) (USOTC:JDWPY)
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