Roebuck Food Group PLC Management and Directorate Changes (9725E)
05 July 2023 - 4:00PM
UK Regulatory
TIDMRFG
RNS Number : 9725E
Roebuck Food Group PLC
05 July 2023
The information contained within this announcement was
previously deemed by the Company to constitute inside information
as stipulated by Market Abuse Regulation (EU) No 596/2014 ("EU
MAR") and the retained UK law version of EU MAR pursuant to the
Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI 2019/310)
("UK MAR"). With the publication of this announcement via a
Regulatory Information Service, this information is now considered
to be in the public domain.
Roebuck Food Group plc ("Roebuck" or "the Company")
Management and Directorate Changes
5 July 2023
Management
Roebuck announces that Declan Morrissey will step down from his
position as Group Chief Executive on 6 July 2023. Mr Morrissey
joined the Company in 2017 as head of the Dairy Division. Mr
Morrissey will receive payment in lieu of one year's notice under
his service agreement of EUR100,000 (being equivalent to one year's
base salary).
Mr Morrissey stated "I have enjoyed my six years at Roebuck
immensely and it has always been a great work environment with a
culture of learning and open dialogue. The business has undergone
immense change over the period, especially since the very
successful exit from the Cold Stores in 2021, and the consequent
return of capital to Shareholders. Throughout my time with the
business, Roebuck and its leadership team has had a focus on
operational excellence, capital allocation and delivering value for
shareholders. I wish my colleagues at Roebuck every success.
I plan to pursue an interest in NUA Bioenergy in order to
develop a network of Integrated Bioenergy sites across Ireland,
focussing on Anaerobic Digestion, Biomethane, Biofuels and
Renewable Energy production, an area in which Roebuck is not
currently involved."
Commenting, Chairman Ted O'Neill stated: "I would like to thank
Declan for his innovation and endeavour with the Company which has
helped the Company establish an existing dairy division. I and my
fellow directors wish Declan the very best in his future business
ventures and interests."
Mr Morrissey will be replaced as Group Chief Executive by Kieran
Mahon, who rejoined Roebuck as non-executive director on 14 April
2023. Mr Mahon will be employed by the Company at a salary of
EUR150,000 per annum on a rolling one-year contract.
As Kieran Mahon is a non-executive director and substantial
shareholder of the Company the entering into the service contract
with the Company constitutes a related party transaction. The
directors of the Company excluding Kieran Mahon having consulted
with its nominated adviser Davy consider that the terms of the
transaction are fair and reasonable insofar as shareholders are
concerned.
Board
In addition, Seán Savage, non-executive director has signalled
his intention to step down from the Board on 31 December 2023. Mr
Savage was appointed to the Board in 2012 having had previous
extensive experience in the food industry. He holds 1,000,333
shares in Roebuck, representing approximately 3.33% of the
Company's issued share capital.
Commenting, Chairman Ted O'Neill stated: "I would like to thank
Seán for his contribution to the Company. He joined the Company and
made a significant investment in the Company at a crucial time. His
investment and input at Board level have been central to enabling
Roebuck's diversification from its previous principal business of
temperature-controlled storage."
Chairman
In view of these changes, the Board have asked Ted O'Neill to
reconsider his position with regards to standing down as Chairman
at 29 September 2023 and he has agreed to this request, such that
Mr O'Neill will not now stand down as Chairman on that date and
will continue in office as Non-Executive Chairman.
The Directors of the Company accept responsibility for the
contents of this announcement.
Enquiries:
Roebuck
Aidan Hughes, Deputy Chairman Telephone: + 44 1293 862 498
Davy
Anthony Farrell Telephone: + 353 1 679 6363
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END
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