A cleanout on the board of besieged fast-food franchisor Retail Food Group as its chairman resigned and the company found two new directors.
RFG told the ASX yesterday that chair Colin Archer would resign with immediate effect, following 10 years with RFG including the past five as chairman
RFG owns the brands Gloria Jeans, Donut King, Brumbies, Crust, and Pizza Capers and has been under enormous pressure from claims of underpayment of staff, poor treatment of franchisees who have taken big losses and worse.
Media publicity saw the value of the company’s brands fall and RFG revealed a net loss of $307 million for the year to June as it took impairments of more than $400 million on those brands. As well it is closing hundreds of outlets.
Stephen Lonie, an independent non-executive director for the past five years, will become the new chair. David Grant, a director at Murray Goulburn and former director at iiNet, and former Optus director Peter George are the two new directors.
Former directorships include iiNet Limited and Consolidated Rutile Limited. David has deep experience chairing key board subcommittees especially in relation to Audit and Risk and will assume Chairmanship of RFG’s Audit & Risk Management Committee, effective immediately.
Mr. Grant’s executive career included extensive food industry experience through a range of accounting, finance and commercial roles with Goodman Fielder Limited, including the position of Group M&A Director.
More recently, Mr. George held Board or senior management positions with listed print, media, and digital services provider, PMP Limited, including as Managing Director and CEO from October 2012 until December 2017.
Mr. Lonie is a director of listed travel agent Corporate Travel Management, campervan hire company Apollo Tourism and Leisure, and Tasmanian financial services group Mystate.
RFG shares rose 1% to 50 cents yesterday.
