UK: Findus CEO Britton to step down
Britton has been at the helm of Findus since June 2009
Chris Britton, the CEO of troubled UK frozen seafood firm Findus Group has stepped down.
Britton, who has been at the helm of the company since June 2009, will leave his position on 31 December. It is not known if he has taken up another role elsewhere.
"I have led a great business through a critical phase in its development and I'm proud of what we've achieved," he said.
"Findus has leading market share positions and with stability, fundamental drivers in each business, a new capital structure, dedicated, passionate and energetic employees and very supportive shareholders the business can go forward with confidence. I now believe it is the right time for me to leave and my successor to guide Findus through its next exciting phase of development."
A search for Britton's successor has already begun, the company said.
The news comes a week after Findus and its bankers agreed a major restructuring deal comprising a GBP220m (US$355m) cash injection for the company.
Findus was forced into restructuring negotiations with its banks in June after its debts piled up. The company was bought by Lion in 2008 in a GBP1.1bn deal backed by around GBP700m of loans, but earlier this year the company had to ask its lenders to waive a fourth-quarter covenant on the GBP700m debt.
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