3rd Sep 2019 11:25
(Alliance News) - Cake decoration and food ingredients firm Real Good Food PLC said Tuesday Chief Executive Officer Hugh Cawley will step down from the firm after a series of asset disposals changed the nature of the role.
Cawley - boss since the start of 2018 - will stand down as CEO with immediate effect, leaving the firm entirely at the end of September.
The move follows a number of disposals by Real Good Food over the last year which has left just two autonomous business units: Brighter Foods and Renshaw. Each of these separate businesses leads their own strategies, pursued by their respective managing directors.
"The role of group CEO has therefore changed and the board consider the future role will now be a part-time role, complementing the strategic and operational focus of the managing directors of Brighter Foods and Renshaw," Real Good Food said in a statement.
Real Good Food has begun the process of finding a executive director in place of Cawley, with an announcement expected in a "few weeks". In the meantime, Chair Mike Holt will become executive chair.
Holt thanked Cawley for his "considerable contribution in stabilising the group, helping to improve corporate governance within the group and getting it focused on its two core businesses."
"The group is now fully engaged in growing Brighter Foods and regaining market share for Cake Decoration," Holt added. "We wish Hugh well for all his future endeavours."
Shares in Real Good Food were 1.4% lower at 6.90 pence in London on Tuesday.
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