BOMBSHELL RESIGNATION ROCKS RETAIL FOOD GROUP: CEO Matt Marshall Abruptly Quits Amidst $14.9 Million Loss
- Retail Food Group CEO Matt Marshall resigns effective immediately, citing a “period of transformation”
- Company reports a staggering $14.9 million net loss after tax, a stark contrast to last year’s $5.8 million profit
- Peter George takes the reins as interim CEO and executive chairman, vowing to find a new leader with “substantial franchise experience”
Retail Food Group is reeling after the sudden resignation of CEO Matt Marshall, who has been at the helm for two years. The news comes on the heels of a dismal financial report, with the company posting a whopping $14.9 million net loss after tax. This stark contrast to last year’s $5.8 million profit has sent shockwaves through the industry.
Marshall’s departure was met with a mixture of shock and gratitude from the company’s board. Peter George, the non-executive chairman, praised Marshall’s “hard work and commitment” during his tenure, citing a “steady improvement in underlying performance”.
However, the search for a new CEO has already begun, with George emphasizing the need for someone with “substantial franchise experience” to lead the company forward.
“We have redefined our culture to be purpose-led and have relentlessly focused on delivering quality improvements in all areas,” Marshall said in a statement. “These foundations will benefit franchise partners, our team and all stakeholders into the future.” Despite his pride in the company’s progress, Marshall’s resignation has left many wondering what’s next for Retail Food Group.
As the company embarks on a global search for a new CEO, Peter George will assume all CEO responsibilities in the interim. With a focus on growing its network domestically and internationally, Retail Food Group remains committed to enhancing its core brands through technology and expanding its reach. But with a new leader on the horizon, the question on everyone’s mind is: what’s next for this beleaguered retail giant?