12th May 2014 10:06
LONDON (Alliance News) - Finsbury Food Group PLC Monday said it has appointed Peter Baker to succeed Non-Executive Chairman Martin Lightbody, who is stepping down after just a few months shy of five years in the role.
In a statement, Finsbury Food, which makes cakes and bread, said Baker, 61, who was most recently the managing director of Maple Leaf Bakery between 2009 to 2013, will take on the role from the beginning of July.
Baker has also held senior roles at RHM Consumer Brands, British Bakeries, as well as Rank Hovis Mills. He was previously a non-executive director at Jordans Cereals, now a part of Associated British Foods PLC.
"Finsbury Food is at a pivotal stage of its evolution, and we have been shaping the expertise and capabilities of the board accordingly. Peter's wealth of global industry and PLC experience will be a considerable asset to the group," Chief Executive John Duffy said in a statement.
Outgoing Chairman Lightbody was appointed as Finsbury Food's chairman in late November 2009, taking up the role within a month of Duffy replacing him as CEO. Since early December 2009, their first full months of working together in those roles, Finsbury Food's shares have almost trebled in value.
Finsbury Food said Non-Executive Director David Marshall, Lightbody's predecessor in the role of chairman, is also stepping down. Marshall was appointed to the board in 1979.
Finsbury Food shares were Monday quoted at 58.00 pence, down 0.4%.
By Samuel Agini; [email protected]; @samuelagini
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