Britain's Fever-Tree Drinks FEVR.L has said that its longstanding chairman, Bill Ronald, plans to step down in May of next year and the company will start looking for a successor.
The company, which sells premium tonics and drink mixers, appointed Ronald as chairman in June 2013 ahead of Fever-Tree's debut on the London Stock Exchange (LSE) in November 2014.
Ronald, 67, who has also been the managing director of chocolate maker Mars' UK confectionery operations, will remain as chairman until Fever-Tree's annual general meeting in 2023 to enable succession planning, the company said.
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Fever-Tree is listed on the Alternative Investment Market of the LSE and has grown rapidly over the years, emerging a strong competitor to Coca-Cola's KO.N Schweppes.
The company's shares, which have risen 11-fold since their market debut, have lost 31% so far this year.