Vivartia, Greece’s largest food company, has insisted its entire management team is staying with the company in the wake of its takeover.
Vivartia, which is now owned by investment firm Marfin Investment Group (MIG), issued a statement this morning (12 October) following the resignation yesterday of chairman Dimitris Daskalopoulos.
Vivartia CEO Spyros Theodoropoulos, who is staying with the company under the new owners, expressed his “sadness” at Daskalopoulos’ departure. Theodoropoulos, alongside other executives including CFO P. Economou, will remain at Vivartia.
Yesterday, Daskalopoulos said the cycle of his “contribution to the creation and development of Vivartia” had been completed now that the company has been sold.
He added: “The new ownership is called upon to develop their own business plan, taking responsibility for their own vision and own perception and practices.”
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By GlobalDataMIG first bought a stake in Vivartia in July and snapped more shares throughout August. The investment firm is planning to sell a stake in the company in a bid to keep the business publicly-listed.
MIG wants to keep Vivartia, formed last year with the merger of dairy group Delta Holdings and snacks maker Chipita International, listed on the Athens Stock Exchange.
To do that, a spokesperson for MIG said the fund would look to sell 10-15% of Vivartia. “To have the company listed gives it more flexibility in terms of M&A in the Greek market,” the spokesperson told just-food earlier this week.
