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(Sharecast News) - Food distributor and processor Roebuck Food Group announced on Friday that its executive chairman Ted O'Neill was intending to step down from his roles as director and executive chairman on 29 September.
The AIM-traded firm said O'Neill, who owns 10.09% of its issued share capital, had waived any entitlement to payment in lieu of notice or otherwise.
In his place, Kieran Mahon had been appointed as a non-executive director with immediate effect.
Roebuck said Mahon had extensive experience in the food industry, having been group managing director of Roebuck Food Group from August 2015 until December 2021, with primary responsibility for the company's UK cold store division, which traded as 'Norish' and was sold in 2021.
Prior to that role, he was an equity analyst with J & E Davy and founder and chief executive officer of Simply Wild, a distributor of artisan and health foods.
Mahon holds approximately 6.6% of the company's issued share capital.
He is currently the promoter and principal shareholder of private company Oatier, registered in Ireland, which is developing the production of oat milk.
Mahon also holds non-executive directorships and partnerships in Irish-registered companies including Grasslands Walsh Island, Ferncroft Farm, Nuhall Retail Services, and X For Earth.
Cantwellscourt Farm and Grass to Milk Company - both Roebuck group companies - were also previously held by Mahon in a non-executive capacity.
"The first of May this year will mark the 20th anniversary of my becoming chairman of the company," said Ted O'Neill.
"I have been privileged and pleased to have led its development during that time, and most recently, in the successful disposal of our cold store division in 2021 and return of capital to shareholders."
O'Neill said he was also "delighted" at the return of Kieran Mahon to the board.
"His skills and experience will be greatly appreciated as the company moves onto the next phase of its development."
At 1020 BST, shares in Roebuck Food Group were down 12.68% at 15.5p.
Reporting by Josh White for Sharecast.com.
