UK cake and baked goods manufacturer Finsbury Food Group has announced plans to restructure its management team following the departure of its chief executive.
Dave Brooks is stepping down from the Finsbury board on 29 September and, according to a regulatory filing issued today (2 September), has “decided it is time to seek out new career opportunities”. He will continue as a consultant with Finsbury until next March.
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“After eleven years in the industry, I felt it was time to move on not only to allow some new ideas into the business to drive the group onto its next level, but to also generate new opportunities for myself,” Brooks said.
Subject to shareholder approval, Brooks will receive GBP300,000 (US$534,000) upon his departure. The remaining exercise conditions on his share options will be waived and the exercise period on his share options will be extended to 31 March 2014.
Martin Lightbody, currently group strategic development director, will replace Brooks as chief executive, having previously served as MD of cake maker Lightbody before its takeover by Finsbury in 2007.
Additionally, John Duffy will join Finsbury as chief operating officer. Duffy previously served as MD of WT Foods and has held senior directorships at both Golden Wonder and Mars.
Paul Monk, a non-executive director of Finsbury, will assume a more active role in the commercial direction of the group, the company said.
Commenting on the changes to the group’s management team, David Marshall,
chairman, said: “The new management team includes two very experienced individuals, in Martin and Paul, on the current board to ensure a stable transition into our next stage of growth. We are very pleased to have secured the appointment of John Duffy to enhance the quality of leadership and management within the company.”
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