SABMiller finance chief quits suddenly

SABMiller yesterday said its chief financial officer, Jamie Wilson, had stepped down suddenly after a decade with the world’s second-largest brewer.

He resigned “for personal reasons”, a spokesman for the London-based brewer said, without elaborating. He will be replaced by Domenic De Lorenzo, the company’s strategy director, while a successor is sought.

“This is certainly a surprise announcement,” Phil Carroll, an analyst at Shore Capital, said, calling the chief financial officer “an important member of SABMiller’s management team”.

Mr Wilson, who has held the post since 2011, leaves the board with “immediate effect” and will depart the company next month. His exit comes as the maker of Grolsch faces constant speculation about being the target of a takeover by larger rival Anheuser-Busch InBev. SABMiller itself made an approach to Dutch competitor Heineken last year, only to be rebuffed.

“I am saddened by Jamie’s departure,” CEO Alan Clark said in a statement yesterday. “He leaves the group in sound financial health and we all wish him every success in the future.”

The search for Mr Wilson’s replacement was underway, the company said.

Mr De Lorenzo has been with SABMiller for about two decades. He has been on the company’s executive board since 2011 and had been involved with transactions including the formation of the MillerCoors joint venture, SABMiller said.

Mr Wilson’s departure comes less than six months after the company reshuffled assignments among its top ranks, giving the chief financial officer responsibility for investor relations and making Mr De Lorenzo head of group strategy.

The 55-year-old Scot is the second top executive to step down this month, after longtime MillerCoors CEO Tom Long announced his retirement February 10.

Mr Wilson would be entitled to a payment of £762,200, in lieu of notice for his contractual period of 12 months, provided he did not take up employment during that time without the consent of Mr Clark, SABMiller said.