15 Nov 2018 12:55
For immediate release
15 November 2018
Patisserie Holdings plc
Resignation and Appointment of CEO
Patisserie Holdings plc (AIM: CAKE) ("PH" or the "Company") announces that it has accepted the resignation of Paul May as the Company's Chief Executive Officer with immediate effect.
The Company is also pleased to announce the appointment of Stephen Francis, as the Company's Chief Executive Officer, with immediate effect.
Steve is a strong leader and experienced turnaround Chief Executive with a proven track record of rapid operational performance improvements. Since 2005, Steve has completed four successful operational turnarounds of multi-site, international businesses with revenues ranging from £2 billion to £200m. Steve was recently CEO of Tulip Ltd., the UK's largest integrated farmer and producer of pork, where he led the rapid return from significant losses, rebuilt the management team and completed a major growth acquisition. Prior to that, he led the turnaround of Danwood Group as Group CEO, restoring the credibility with stakeholders, re-building the management and transforming the profitability of the Company. He has also held turnaround roles at Vion Food Group and Vita Group. Stephen has also held a number of senior roles at Barclays Capital, PricewaterhouseCoopers and McKinsey.
Luke Johnson, Chairman, 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."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, the following information is disclosed in respect of Stephen Roland William Francis, aged 57.
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Further information relating to Stephen Francis
Stephen Francis was a director of Paramount Food Limited which went into administration in October 2012 and liquidation in January 2015. Stephen was not a director at the time; however, he resigned within the 12 months prior to the company entering administration.
Paramount Food Limited was a subsidiary of Vion Group and its administration was immaterial to the Vion Group.
Enquiries:
Patisserie Holdings plc +44 (0)121 777 7000
Luke Johnson, Executive Chairman
Nomad and Broker
Canaccord Genuity Limited +44 (0)20 7523 8000
Chris Connors
Henry Fitzgerald-O'Connor
Financial Public Relations
Maitland +44 (0) 20 7379 5151
Sam Cartwright
Jonathan Cook