UK baker Greggs' finance boss Richard Hutton to step down
Greggs CFO Transition and Company Performance
Richard Hutton's Departure After 28 Years
July 1 (Reuters) - Britain's biggest fast-food chain Greggs said on Wednesday that its Chief Financial Officer Richard Hutton will step down after 28 years with the company, sending its shares down 2.8% in early trade.
Appointment of Ben Waldron as Successor
Background and Experience of Ben Waldron
The baker has appointed Bakkavor veteran Ben Waldron as Hutton's successor, who will join the company on October 27 as CFO-designate and executive director, taking over the role from next January.
Hutton joined Greggs in 1998 after stints at KPMG and consumer goods giant Procter & Gamble, overseeing the company's finances as it transformed from a traditional bakery into a modern food-on-the-go brand.
Waldron's Previous Roles at Bakkavor
His replacement, Waldron, brings deep experience in food manufacturing. He spent over 14 years at Bakkavor Group, a fresh-prepared food business, where he held a range of senior roles, including CFO and chief executive of Bakkavor's Asia and U.S. operations.
Greggs' Recent Financial Performance
Greggs' sales rose 7.5% to £800 million in the first 19 weeks of the year, with like-for-like sales growth in company-managed shops of 2.5%, improving to 3.3% in the most recent 10 weeks, the company said in May.
Shares in the company fell 2.8% to 1,555 pence. They have fallen 4.8% so far this year.
Reporting Credits
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Rashmi Aich)
