Patrick Coveney to Step Down as CEO
25 November 2021
Greencore Group plc
Patrick Coveney to Step Down as CEO in March 2022. Appointment Process for Successor to Commence Immediately.
Greencore Group plc ("Greencore" or the "Group") announces that Patrick Coveney has informed the Board that he is stepping down from his role as director and Chief Executive Officer. He will resign from both positions effective 30 March 2022 to take up a senior leadership role in a different sector.
A search process to appoint a new CEO will commence immediately.
In line with the Board's existing contingency plan and pending the appointment of a new CEO, Gary Kennedy, non-executive Chair, will take a more active role in the business and will assume the role of Executive Chair from 31 March 2022. Chief Commercial Officer, Kevin Moore will assume the role of Deputy Chief Executive with immediate effect. In the intervening period, Patrick will continue to lead the executive team as CEO.
Commenting on this announcement Gary Kennedy, Chair said: "On behalf of the Board, I would like to express our deep gratitude to Patrick for leading the business for the past 14 years and for transforming Greencore into the UK's leading convenience food business. We wish him well in the future. We will commence a search process to appoint a new CEO immediately and we will update on progress in due course. In the meantime, our experienced management team will continue to focus on the priorities of the business and we look forward to updating the market on performance and prospects on Tuesday at our FY21 results."
This Announcement contains inside information for the purposes of the Market Abuse Regulation (Regulation (EU) No 596/2014) ("MAR").
ENDS
For further information, please contact:
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Gary Kennedy |
Chair |
Tel: +353 (0) 1 486 3313 |
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Emma Hynes |
Chief Financial Officer |
Tel: +353 (0) 1 486 3307 |
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Jack Gorman |
Head of Investor Relations |
Tel: +353 (0) 1 486 3308 |
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Rob Greening/ Nick Hayns/ Sam Austrums |
Powerscourt |
Tel: +44 (0) 20 7250 1446 |
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Billy Murphy or Louise Walsh |
Drury Communications |
Tel: +353 (0) 1 260 5000 |
About Greencore
We are a leading manufacturer of convenience food in the UK and our purpose is to make every day taste better. We supply foodservice, grocery and other retailers, including all of the major UK supermarkets. We have strong market positions in a range of categories including sandwiches, salads, sushi, chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Puddings.
In FY20 we manufactured 619m sandwiches and other food to go products, 116m chilled prepared meals, and 264m bottles of cooking sauces, pickles and condiments. We carry out more than 10,000 direct to store deliveries each day. We have 16 world-class manufacturing sites in the UK, with industry-leading technology and supply chain capabilities. We generated revenues of £1.3bn in FY20 and employ approximately 12,200 people. We are headquartered in Dublin, Ireland.
For further information go to www.greencore.com or follow Greencore on social media.
Forward‐looking statements
Certain statements made in this statement are forward‐looking. These represent expectations for the Group's business, and involve known and unknown risks and uncertainties, many of which are beyond the Group's control. The Group has based these forward‐looking statements on current expectations and projections about future events based on information currently available to the Group. These forward-looking statements include all statements that are not historical facts and may generally, but not always, be identified by the use of words such as 'will', 'aims', achieves', 'anticipates', 'continue', 'could', 'develop', 'should', 'expects', 'is expected to', 'may', maintain', 'grow', 'estimates', 'ensure', 'believes', 'intends', 'projects', 'sustain', 'targets', or the negative thereof, or similar future or conditional expressions.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future and reflect the Group's current expectations and assumptions as to such future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. There may be risks and uncertainties that the Group is unable to predict at this time or that the Group currently does not expect to have a material adverse effect on its business. You should not place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this announcement. The Group expressly disclaims any obligation to publicly update or review these forward-looking statements other than as required by law.
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