Retail Food Group’s chairman Mr Colin Archer has been announced to step down from the role of Director and Chairman of the Board with an immediate effect from today, 25 September 2018. The retirement of Mr Archer comes a month later than the franchisor of embattled Gloria Jean’s and Donut King unveiled its plan to shut down 250 domestic stores on their failure to deliver sustainable performance.
Mr Archer held the position of chairman for last five years in his total of 10 years of service at Retail Food Group. His retirement did not come as a shock to the market as he had already flagged his intention to retire after the conclusion of Fiscal year 2018 reports, in previous annual general meeting.
Now the question is if not Mr Archer, who is going to chair the Retail Food Group? It’s Mr Stephen Lonie.
Retail Food Group (ASX: RFG) welcomed Mr Stephen Lonie to take the helm of the company ahead of the 2018 annual general meeting. Chartered Accountant by profession, Mr Lonie has been an independent non-executive Director of RFG for the last five years.
Along with the departure of Mr Archer, the company also informed the incoming of two new non-executive members to the Board. The first member is Mr Peter George, who was on Board of Optus communication for four year and possesses an extensive background in telecommunications, media and corporate finance at executive level, whereas the other member includes Mr David Grant, currently a director of Event Hospitality and Entertainment Limited and Murray Goulburn Cooperative Limited.
This renewal at Executive as well as Board level is said to be in the support of company’s ongoing turnaround strategies as the company is brimming from losses since it has been accused of badly-treating the franchisees. The accusations hit so hard to the company that the shares of Retail Food Group hit all time low of 39.5 cents last month.
Under the last term of Mr. Archer leadership, the company reported the loss of $306.7 million driven by one-off cost incurred in relation to the company’s ongoing store closure program. In the same release, the franchise operator of food retailing brands announced to close 250 domestic store, up from the previously announced 200 stores closure, by the end of 2019.
The share price of Retail Food Group has edged up by 1.01% to last trade at $0.500 on 25 September 2018. The stock has seen a performance change of -88.54% over the past one year.
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