(Alliance News) - Adnams PLC on Monday said Andy Wood plans to step down as chief executive officer at the end of 2024.

The Suffolk, England-based brewery said that over the coming 18 months, Wood will continue as CEO, in order to assist in a smooth transition to his successor.

According to Adnams website, Wood joined the company in the mid 1990's and then became CEO in 2010.

A succession process, which will be led by Senior Non-Executive Director Steven Sharp, will consider both internal and external candidates.

The company noted that a further announcement will be made when appropriate.

Chair Jonathan Adnams said: "On behalf of the board and all stakeholders, I would like to thank Andy for his continuing dedication and support and his commitment to ensuring there is a full handover to his successor, once appointed."

Adnams shares fell 3.3% to 5,800 pence each on Monday afternoon in London.

By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.