Sector News

Greencore to lose its CFO to Travis Perkins

September 21, 2016
Food & Drink

Greencore chief financial officer (CFO) Alan Williams is to leave the Irish food firm to take up the same position at UK building materials group Travis Perkins.

Mr Williams, who has spent nearly six years at the company, is to be replaced by Eoin Tonge who has overseen the firm’s UK grocery business since 2014.

Mr Tonge will take up the role on October 3 when he will also be appointed as a director of the company. Greencore said his predecessor will stay at the company until the end of 2016 to ensure a smooth transition.

The appointment comes ten years after Mr Tonge joined Greencore as capital markets director with responsibility for treasury, investor relations and communications.

In 2014 Mr Tonge was appointed managing director of Greencore’s grocery division in the UK and has been a member of the firm’s executive board since its inception in 2012.

Greencore chief executive Patrick Coveney praised his new CFO. “In addition to his strong operational leadership of our grocery division, Eoin has played a critical role in shaping our group’s ‘Food to Go’ strategy, led the delivery of the Uniq acquisition, executed several key acquisitions in the US, and spent nearly four years as a leader in our central finance team,” he said.

The Uniq deal was seen as a major coup for Greencore five years ago.

In 2011 the company spent £113m (€131m) on what was then a main rival in the UK.

Mr Williams’s departure comes after Greencore exploited weakened sterling to snap up a UK sandwich business for £17.9m in July.

Shares in the company were hit significantly post-Brexit but have normalised, increasing by 18.6pc to £3.40 (€3.94) since the referendum.

The Greencore boss also paid homage to his outgoing CFO, Mr Williams.

“We would like to thank Alan for his outstanding contribution to the growth and success of Greencore since he joined us in 2011,” he said.

By Michael Cogley

Source: Irish Independent

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