Ken McMeikan, the Chief Executive Officer of bakery and hot snacks retailer Greggs is to leave the company for catering firm Brakes Group.
McMeikan has been at the head of the company since the summer of 2008, having previously worked at supermarket giant Sainsbury as its Retail Director and Tesco as the CEO of its Japanese division.
He said:"It has been a great honour to lead Greggs since 2008. It is a wonderful company with fantastic people and I am enormously proud of all that we have achieved together.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"There are many exciting growth opportunities ahead for the business and the team are well placed to deliver them."
McMeikan will stay on as Greggs' frontman until a new CEO can be found, the company said. At which point, he will move over to head Brakes Group, the supplier to the food service sector in the UK, Ireland, France and Sweden.
Derek Netherton, Chairman of Greggs, said: "We are very grateful to Ken for the valuable contribution he has made to Greggs.
"He has led the company through the major changes that have put us in a strong position for the future with a clear strategy for growth in a difficult environment. We wish Ken well in his new role."
-
Is a mortgage in retirement always a bad idea?A mystery shopper exercise shows high street lenders are “shunning” retirees looking to take out a mortgage. Are they right to do so?
-
Three funds to consider as UK small caps trade at 30% discountUK small caps have been unloved for some time, but a shifting economic environment could give them a boost
