Goodman Fielders CEO Peter Margin has announced his resignation

Goodman Fielder's CEO Peter Margin has announced his resignation

Goodman Fielder, Australia's largest food group, has announced today (18 January) that CEO Peter Margin has resigned from the company.

Shares in the breads and spreads producer fell almost 3% to A$1.31 a share at the close of trading today after the announcement that Margin would be leaving to "pursue the next stage of his career".

Chairman Max Ould said Margin had done an "outstanding job of leading the company" through its IPO in late 2005 and "establishing it as the leading locally-owned food company in Australasia".

The resignation of Margin, who will leave Goodman Fielder in April, is the second major departure to be announced at the company in two months.

CFO David Goldsmith announced at the end of November that he was leaving the company to join private-equity firm TPG as a senior advisor.

Goldsmith will leave the company on 23 February and it was also announced today that Neil Kearney will serve as his replacement in the interim. Kearney was previously CEO of Australian dairy firm Warrnambool Cheese and Butter Factory and CFO of National Foods, the Australian dairy-to-juice maker.

Goodman Fielder, meanwhile, also announced the appointment of Andrew Hipperson as managing director for its home ingredients business. Hipperson was managing director of the group's operations in Asia-Pacific for the last three years.

Aaron Canning, finance director of the Asia-Pacific division for the past two years, will replace Hipperson.