LONDON (Reuters) - Pubs operator Mitchells & Butlers <MAB.L> said on Thursday its chief executive, Tim Clarke, had resigned after the group paid 69 million pounds to close out a debt position.
The group paid the sum to settle a long-term interest rate swap held against its medium term borrowings.
"In these circumstances, it is with great regret that the board has accepted the resignation of Tim Clarke," said chairman Drummond Hall.
Chief Operating Officer Adam Fowle has been appointed acting chief executive.
M&B reported a 48 percent decline in first half pretax profit to 44 million pounds, compared with 84 million the year before.
(Reporting by Matt Scuffham)