European frozen-food group Nomad Foods today (10 October) named Flora Foods Group’s Dominic Brisby as its CEO.
Brisby, who has worked for the plant-based dairy group for almost four years, will take the helm at Nomad in January.
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He will succeed Stéfan Descheemaeker, who is retiring after 11 years leading the Birds Eye and Iglo brands owner. Descheemaeker joined Nomad as CEO in 2015 not long after the business, set up 12 months earlier, made its first acquisition when it snapped up Iglo for €2.6bn (then $2.84bn).
Brisby has been the president of Flora Foods Group’s European and North American operations since the start of last year. He joined the Flora spreads maker in 2021 to head its European division. Brisby had spent more than 12 years at tobacco giant Imperial Brands.
Noam Gottesman, Nomad Foods’ co-chairman and founder, said: “We are extremely grateful for Stéfan’s leadership over the past decade and the role he has played in the succession process. Furthermore, we are pleased that he has agreed to continue to be actively involved with the company as a non-executive director.
“We believe the company has tremendous growth potential ahead of it and we are excited to have a leader of Dominic’s calibre and experience join us as the company’s next CEO. His track record of value-creation is impressive and he brings a passion for brand-building, innovation and cost discipline that we believe will position the company for success over the next decade.”
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By GlobalDataIn 2024, Nomad generated revenue of €3.1bn, up 1.8% on a year earlier. Volumes grew 1.3%. Operating profit stood at €387m, a rise of 13.7% on 2023. Net profit jumped 17.8% to €227.1m.
The company’s sales and earnings have grown annually since its formation in mid-2015. However, the group has cut forecasts for key sales and earnings metrics twice this year.
Last month, Nomad set out plans for “accelerated efficiency savings” from 2026 to 2028. The group pinned the figure at €200m ($235m) and said it was eyeing savings in procurement, logistics and overheads.
Alongside the announcement on savings, Nomad also said it was now targeting “compound annual adjusted EBITDA growth” of 1-3% over the 2026 to 2028 period. Two years ago, the company had set a medium-term target for annual adjusted EBITDA growth of 5-7%.
The group made no mention of new medium-term targets for revenue and EPS. Previously, they had been set at 3-4% for revenue and 7-9% for adjusted EPS.
Descheemaeker said today: “I am proud of what we have built at Nomad Foods. The company has become the leading, savoury, frozen-food business in Europe and one of the largest, savoury, frozen-food companies worldwide. We have built a portfolio of market-leading brands in an on-trend category while attracting top-tier talent which positions the company to win. After ten years as CEO, I believe now is the appropriate time to transition to new leadership who can take the company to new heights.”
Brisby, for the moment Nomad’s CEO-elect, added: “The company has truly iconic brands that sit at the intersection of several big consumer themes. It is well aligned with the trends of nutrition, convenience, value and sustainability that are reshaping consumer demand.”
