The boss behind Premier Inns and Costa has quit the business after five years at the helm of parent company Whitbread to pursue a career as a serial non-executive director.
Andy Harrison could walk away with several million pounds, including unpaid bonuses from the last two years and shares worth £3 million on today’s share price.
His first new boardroom role sees the former easyJet boss become chairman of homewares business Dunelm, where he is a non-executive.
But Harrison said he would stay put at Whitbread until a new successor is found, with internal and external candidates being considered.
The City was disappointed with Harrison’s departure, sending shares down 1.8% to £53.45. Since he joined the group in 2010, the shares have soared more than 250%.
The company revealed record sales and profits across the different brands. Sales jumped 13.7% to £2.61 billion, with pre-tax profits rising 34% to £463.8 million.
At Costa, sales rose 17.9% as shoppers spent more in the 1931 sites across the country and bosses said they want around 2500 in the next five years. It also rolled out 777 Costa Express machines in petrol stations and supermarket convenience stores.
Over at Premier Inn, sales leapt 15.3% to £1.12 billion across the 697 hotels in the UK.
Bosses now want 900 by 2020, including 10 new “hub” city centre stores in London to cash in on tourists and businesspeople looking for a cheaper alternative, especially while the pound is strong against the euro.
