IT has been a momentous day for AG Barr, owner of Scotland’s favourite soft drink.

The Irn-Bru manufacturer has announced that, after a tenure spanning nearly 60 years, Robin Barr will step down from the board after the company's annual general meeting in May.

Mr Barr, great-grandson of company founder Robert Barr, has decided to cut formal links to the company after 62 years, 58 of which he has been spent on the board. But, as one of only three people who know the secret recipe of the company’s famous Irn-Bru, it was no surprise to hear chief executive Roger White say that Mr Barr will continue to be an influence at the firm.

“He will still be involved in a number of areas,” Mr White told The Herald. “I’m sure we will still see him around.”

Besides, the company has ensured that the Barr family will continue to have a seat at the top table. Julie Barr, corporate lawyer, company secretary and daughter of Robin, will join the board, providing shareholders approve at the AGM, in what looks to be a characteristic piece of succession planning.

Assuming she is elected, Ms Barr will work alongside a chief executive, Mr White, who has been in place since 2004, and a commercial director, Jonathan Kemp, who joined in 2003. Finance director Stuart Lorimer is a relative newcomer having arrived at the company in 2015.

Such continuity has stood AG Barr in good stead as it has weathered the tumult of recent years, with even preparations for the dreaded deposit return scheme failing to hold back its post-Covid momentum.

While the possibility of the scheme, which has been heavily criticised by large parts of the business community, being delayed or modified was raised during the SNP leadership campaign, AG Barr is firm in its view that it should go ahead. Mr White said the company has spent a great deal of time and effort in preparing for the scheme over the last 18 months and is not expecting there to be a U-turn any time soon.

“We just don’t believe that the politicians, having passed the law, because the sitting SNP Government were the ones who passed the law, should change it at the last minute,” he said.

Opponents in the hospitality trade will be hoping that AG Barr has called this one wrong.

Elsewhere, a new chief executive has been appointed by Scotch whisky giant Diageo. The Johnnie Walker maker said current chief operating officer Debra Crews will succeed Sir Ivan Menezes when he retires in June, bringing a successful 10-year spell at the helm to a close.

Aberdeen-based Wood Group, which has been the subject of several takeover approaches from US private equity outfit Apollo in recent weeks, said it has returned to revenue growth in 2022. Chief executive Ken Gilmartin declared that the company’s new strategy is “already delivering” however shares fell sharply as Wood said central costs would be higher in 2023 “due to inflationary pressure on salaries and costs”.

Housebuilder Bellway has said homebuyer demand has started to improve after seeing reservations plunge by nearly 50% due to soaring mortgage rates. The group, whose headquarters are in Newcastle, reported underlying pre-tax profits falling 4.6% to £312.1 million for the six months to January 31.