The CEO of Iglo Group, Martin Glenn, has announced his intention to step down after six years at the helm.
Glenn, who has led the business since the Permira-backed buyout in 2006, will remain as an investor in the business and stay on to facilitate a “smooth transition” over the coming months. A spokesperson for the group told just-food Glenn does not have another position to go to.
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“Having achieved the objectives we set ourselves in the time frame planned and recently completing our refinancing and strategic plan, now is the logical time to begin the search for a new CEO who can take on the next business cycle,” Glenn said.
Iglo said the search for his successor is underway and an appointment will be announced in due course.
The departure comes as private-equity owner Permira, struggles to find a buyer for Birds Eye’s parent company, Iglo.
Permira said it was looking at “other options” for the frozen food company in June, including refinancing debt, after BC Partners and Blackstone refused to match Permira’s asking price.
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