Coffee Republic announced today that Steven Bartlett, the former rebel shareholder who ousted the company’s founder, Bobby Hashemi, in October 2006, is to step down as chief executive.
The coffee bar operator said that Mr Bartlett, who will become non-executive vice chairman, was leaving to “dedicate more of his time to his businesses and family in Plymouth”.
Peter Breach, executive chairman, who will assume the job until a successor is found, said that Mr Bartlett would retain his shareholding, adding: “He remains part of the team.”
Mr Breach said that his colleague would not be receiving a payoff. Asked why he was stepping down, he replied: “His expertise is the rejuvenation of businesses and retail change, and he felt he had achieved that at Coffee Republic.”