Premium food producer Maggie Beer Holdings (ASX: MBH) will begin the search for a new top boss after it was revealed today that current CEO Chantale Millard would be stepping down from her role at the end of calendar 2022.
The move comes more than a year after Millard spearheaded the $40 million of acquisition Hampers & Gifts Australia (HGA), which saw the group transform into a strong e-commerce player and bolster its earnings.
Millard has been with the group for eight years, first joining as CEO of Maggie Beer Products before being appointed to the same role for MBH in November 2019.
“I would like to thank the MBH Board and our teams for the opportunity and privilege to lead such a wonderful group and iconic brand,” Millard said.
“I am proud of what we have achieved together and to be handing over the leadership at a time when the Group is in a strong financial position.
“With a clear strategy for growth, I am excited for the new CEO, who will take over at a time when the group has so much future potential to expand and grow.”
Her departure comes as the company finalises a restructuring phase, which led to the $1.6 million sale of St David’s Dairy to Goulburn Valley Creamery last month, as well as the potential sale of milk and yogurt producer Paris Creek Farms. Write-downs of $17.5 million for the two businesses sent MBH’s bottom line loss in FY22 to $12.5 million.
Previously known as Longtable Group, Barossa-based MBH achieved the upper end of its earnings guidance for FY22, generating $98.3 million in net sales and $10.3 million in EBITDA.
The group noted the decision to focus on Maggie Beer Products and Hampers & Gifts Australia was delivering “above average investment returns”, with e-commerce sales comprising 66 per cent of MBH’s total net sales for the period.
MBH chairman Reg Weine said the board has accepted Chantale’s resignation and has commenced a search for a new leader who can build on her legacy and spearhead the next phase of growth.
“I would like to thank Chantale for her exceptional leadership over the past 8 years,” Weine said.
“During her time as CEO of MBH, the group has undergone a significant transformation and strategic repositioning and enjoyed significant commercial success as Australia’s leading purveyor of premium food, beverage, and gifting products.
“Chantale is providing the MBH Board with ample notice of her plans and has agreed to continue with the group in a project-based capacity in the new year, to ensure the completion of key strategic initiatives currently underway, and to allow the new CEO to transition into the business and focus on future growth plans.”
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