Glanbia, the Irish food group, has announced that director and vice-chairman John Fitzgerald is to retire.
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Fitzgerald (pictured) will retire at the company’s board meeting next May, the company said today (27 November).
Glanbia last week announced plans to cut 65 jobs from its domestic dairy ingredients business in a bid to stem losses from the division.
The company said its Irish dairy ingredients business would be “significantly loss-making” in 2009. The job losses come after a series of cost cuts earlier in the year.
Glanbia also to cut its earnings target on the back of a “deterioration” in the performance of its domestic dairy business.
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By GlobalDataThe company last week forecast that its 2009 adjusted earnings per share will reach between 30 and 31 cents, which it said is at “the lower end of market expectations”. In August, Glanbia set a target of 30 to 32 cents.
