Hovis CEO Jon Jenkins is stepping down after three years in the lead role at the UK bakery business.
Jenkins departure follows the August confirmation that Associated British Foods (ABF), the Kingsmill and Sunblest bakery brand owner through its Allied Bakeries unit, was buying Hovis from private-equity firm Endless.
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According to a brief statement from Hovis, Jenkins will relinquish the CEO job in “mid-September”.
Aidan Robson, a managing partner at Endless, said: “I would like to thank Jon for his support and leadership over the last three years.
“Jon has helped navigate Hovis through an unprecedented period of raw material inflation and further developed the much-loved Hovis range of products and brand. Jon leaves with our thanks and best wishes.”
Hovis confirmed to Just Food that “the executive board will continue to deliver the strategic direction of Hovis”, as it looks to provide “retailers and consumers with great service and high-quality products they are used to”.
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By GlobalDataThe outgoing CEO joined Hovis in 2022, coming from a senior executive role at ABF.
“I have thoroughly enjoyed my time at Hovis and would like to thank all our incredible colleagues across our bakeries, milling operation and distribution centres for their commitment and support over the last three years,” Jenkins said in the statement.
“I am really proud of what we have achieved, and I look forward to seeing the business continue to prosper in the future.”
ABF CEO George Weston said last month when the Hovis deal was announced that the combination with Allied Bakeries would “create a UK bakeries business that is both profitable and sustainable over the long term”.
He added at the time: “Supporting the Hovis and Kingsmill brands with well-invested and efficient operations will also enable innovation and growth.
“This solution will create value for shareholders, provide greater choice for consumers and increase efficiencies for customers.”
Endless acquired Hovis in 2020. Financial terms of the transaction with ABF were not disclosed. The deal is subject to approval by the UK’s Competition and Markets Authority (CMA).
ABF does not break down the financial performance of Allied Bakeries, but overall group results for the 24 weeks to 1 March showed a 2% decline in sales to £9.51bn ($12.94bn), while adjusted operating profit dropped 12% to £835m. Profit before tax fell 21% to £692m.
Confirming the deal last month, Robson said: “The transaction with ABF represents an opportunity to create a platform for long-term sustainability in the bakery sector for the benefit of retailers and consumers.
“While we work towards achieving CMA clearance of the transaction our focus remains on Hovis to continue delivering exceptional products and service to its customers.”
