Retail Food Group Names Executive Chairman as Interim CEO

Leadership Change at Retail Food Group

Retail Food Group Limited (ASX, RFG) has announced the immediate resignation of its Chief Executive Officer, Matt Marshall. The company’s Non-executive Chairman, Peter George, will assume the role of Executive Chairman and take on CEO responsibilities while the Board undertakes a global search for a new chief executive. This leadership transition comes after Mr Marshall’s five-year tenure with the company, including two years as CEO.

Continuity Amid Transition

Despite the sudden change at the top, Retail Food Group has emphasized that there will be no alteration to its strategic outlook or priorities. The company remains focused on expanding its core brands, Gloria Jean’s, Donut King, Beefy’s Pies, Crust, and the newly introduced Firehouse Subs, both domestically and internationally. The Board’s commitment to retail excellence and technology-driven growth aims to increase each brand’s footprint to at least 200 outlets in Australia.

A Search for Franchise Expertise

Chairman Peter George highlighted the Board’s intention to appoint a new CEO with substantial franchise experience and the ability to foster strong relationships with franchise partners and other stakeholders. Mr George, who has a 30-year career marked by corporate turnarounds and leadership roles, previously served as Executive Chairman with CEO duties before Mr Marshall’s appointment in July 2023. His interim leadership is expected to ensure operational stability during the transition.

Performance Rights and Financial Considerations

Mr Marshall will receive statutory entitlements, including six months’ pay in lieu of notice. The Board will seek shareholder approval at the next annual general meeting to vest 150,000 of the 252,618 performance rights granted to him under the FY24 Long Term Variable Reward plan. The remaining performance rights from FY24 and FY25 plans will be forfeited. This move reflects a balanced approach to rewarding past contributions while aligning future incentives with company performance.

Looking Ahead

Retail Food Group’s leadership change arrives at a pivotal time as the company prepares to launch Firehouse Subs in Australia and continues to strengthen its franchise network. With Peter George at the helm temporarily, investors will be watching closely for the appointment of a new CEO who can build on recent progress and drive sustained growth.