Dairy Crest's Finance Director steps down in company shake-up

Dairy Crest announced a 'reorganisation' of the company on Tuesday morning, which includes targeted cost savings and a number of senior management changes.

Dairy Crest announced a 'reorganisation' of the company on Tuesday morning, which includes targeted cost savings and a number of senior management changes.

The dairy foods group said that after a series of of disposals over the past few years, it now has the opportunity to "simplify the business further".

As such, it will consolidate its organisation into a single structure "focused on consumer-driven growth with an integrated supply chain".

"The new organisation, focused on consumers and customers, will facilitate best practice, eliminate duplication and maintain Dairy Crest's strong focus on profit delivery. Annual cost savings of at least £5.0m are anticipated."

After the reorganisation, Diary Crest will continue to report its results for Cheese, Spreads and Dairies separately.

Board changesAlastair Murray, the group's Finance Director of nearly 10 years, has announced his intention to leave the firm to pursue other business interests. He will step down in May.

Murray will be succeeded by Tom Atherton, previously Dairy Crest's Director of Financial Control for the past four years.

"The reorganisation announced today continues the decisive changes made by the Dairy Crest management team over recent years to optimise the company's position in a competitive sector," said Chairman Anthony Fry.

"Alastair has been a Finance Director of the highest quality with an excellent reputation both within the business and outside. I have been fortunate as Chairman to have had someone who has contributed so much to the company, for which he has my personal thanks as well as that of all my board colleagues. He leaves Dairy Crest with our very best wishes for his future."

The company also announced that the Managing Director of its Diaries division, Toby Brinsmead, is to leave at the end of next month.

In a separate statement, the firm announced that it has managed to keep hold of its contract to supply milk to supermarket giant Sainsbury's for another three years.

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Central banks want politicians to take charge – but what will they do?
US Economy

Central banks want politicians to take charge – but what will they do?

The US Federal Reserve has come to the end of the road in terms of what it can do to accelerate any recovery, says John Stepek. It's over to the polit…
17 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020