Scottish family food firm Baxters of Speyside is today [Tuesday] to implement a radical boardroom shake-up.
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Following a strategic review of the soup group, Chairwoman and CEO Audrey Baxter will tell staff that a far-reaching overhaul is necessary to make the company more efficient. A company spokesman said: “We have to be tighter if we are going to go from strength to strength, and that is what Audrey is going to tell the staff at the meeting today. There has to be a slimming down at the top to create a leaner executive level.”
Five of the 11 directors are believed to have agreed to go, pending severance agreements.
Baxters recently reported a fall of almost £1m (US$1.4m) in annual profits to £3.162m, despite a £2.68m rise in turnover to £52.8m.
Turnover has failed to grow in line with targets set by Baxter two years after she assumed control of the company in 1992. At that time her business plan was to grow turnover to £63m within three years.
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