Paul May has stepped down as chief executive of Patisserie Holdings, to be replaced by Stephen Francis, former chief executive of meat producer, Tulip Ltd.
In an announcement to the stock exchange, the board made no comment on May’s departure other to say he had resigned with immediate effect.
It pointed out that Francis has completed four successful operational turnarounds of multi-site, international businesses with revenues ranging from £2bn to £200m. Prior to joining Tulip, he led the turnaround of Danwood Group as Group CEO and has also held turnaround roles at Vion Food Group and Vita Group.
Chairman Luke Johnson said: “I am delighted to welcome Steve Francis as new CEO at Patisserie Holdings PLC. He has a strong track record of restoring value in turnaround situations, especially in the food industry, and the board looks forward to working with him in the revival of the business.”
It is the second resignation since the fallout of the discovery of a £40m blackhole in the Patisserie Holdings ‘ accounts. Former chief financial officer, Chris Marsh, quit at the end of last month.
This was the first update from the group since shareholders backed the board’s plan for a £15.7m placing. There has still been no update on when trading in shares will resume.
Precis
Paul May has stepped down as chief executive of Patisserie Holdings, to be replaced by Stephen Francis, former chief executive of meat producer, Tulip Ltd. In an announcement to the stock exchange yesterday, the board made no comment on May’s departure other to say he had resigned with immediate effect. It pointed out that Francis has completed four successful operational turnarounds of multi-site, international businesses with revenues ranging from £2bn to £200m. Prior to joining Tulip, he led the turnaround of Danwood Group as Group CEO and has also held turnaround roles at Vion Food Group and Vita Group. Chairman Luke Johnson said: “I am delighted to welcome Steve Francis as new CEO at Patisserie Holdings PLC. He has a strong track record of restoring value in turnaround situations, especially in the food industry, and the board looks forward to working with him in the revival of the business.”
