The Board of Punch Taverns plc (“Punch”) today announces that Stephen Lambert, currently Chief Executive, is retiring from the company with immediate effect. This move is a natural progression of the development of management responsibilities following the successful completion of the restructuring of the group and the IPO, and reflects the company’s desire to separate clearly the roles of Chairman and Chief Executive. Stephen’s responsibilities have already been handed over to Giles Thorley and other members of the executive team. No additional executive management appointments are therefore required as a result of today’s announcement.

As of Punch’s Annual General Meeting, to be held on 29th January, 2003, it is intended that Phil Cox, currently Deputy Chairman, will be appointed Non-executive Chairman of Punch and that Giles Thorley will be appointed Chief Executive.

Commenting, Phil Cox, Deputy Chairman, said:

“Stephen has made a terrific contribution since he joined through Punch’s acquisition of Inn Business in 1999. In particular he helped drive the integration of the businesses that came together to form Punch, and managed the business through to Punch’s recent flotation. Today’s announcement has been planned so that no consequential management changes are needed. All of us thank Stephen very warmly and wish him every success in his future career.
“Since his arrival, Giles has more than demonstrated his skills and experience, as our financial results for the year ended 17th August 2002, announced today, show. Today’s announcement paves the way for the formal separation of the roles of Chairman and Chief Executive, and we will implement this at our Annual General Meeting.”

Stephen Lambert said:

“I have enjoyed my time at Punch enormously. I am now leaving the company in great shape and in capable hands, having seen the business through flotation and recently confirmed the strength of its performance. I now feel able to explore new aspects in the knowledge that there will be no interruption in the running and development of the business.”

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