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Appointment of Executive Chairman

Retail Food Group Limited (ASX: RFG) today announces that recently appointed non-executive Director and Chairman, Mr Peter George, has assumed the role of Executive Chairman, effective immediately.

Mr George joined the Board on 25 September 2018 as part of a planned renewal process, and was elected Chairman with effect from 26 October 2018.

Mr George was recruited to the Board as a turnaround specialist with a successful 30-year career as a senior executive and non-executive Director, including extensive professional experience of corporate turnarounds and capital markets.

Group CEO Richard Hinson welcomed Mr George to the new role: “The appointment of an Executive Chairman provides RFG with further strategic guidance to ensure the Company’s turnaround strategy continues to be implemented in the best possible way.”

“Peter is the Executive Chairman that RFG needs right now, in order to position the Company for success in the years ahead. As he is a turnaround expert with considerable experience in capital markets, I look forward to working with him closely and seeing the positive impact that his experience will have on RFG’s business and its franchisee customers”, he said.

Executive Chairman Peter George said his role would be to further support the Board and the Group CEO in steering the Company back to a position of improved performance and financial stability.

“RFG still has a way to go in restoring its financial position and shareholder value, but I see a great deal of opportunity ahead for the Company and look forward to sharing my turnaround experience to help get RFG to where it needs to be – quickly. RFG’s turnaround strategy, and options to address RFG’s balance sheet challenges, are the Board’s utmost priority, and my assumption of an executive role further evidences that focus,” he said.

 

ENDS

For further information, interviews or images, please contact:

Belinda Hamilton, RFG Chief Communications Officer, 0487 700 048 or Belinda.Hamilton@rfg.com.au

 

 

About Retail Food Group Limited:

RFG is a global food and beverage company headquartered in Queensland. It is Australia’s largest multi-brand retail food franchise owner, a roaster and supplier of high quality coffee products, and an emerging leader in the foodservice, dairy processing and wholesale bakery sectors. For more information about RFG visit: www.rfg.com.au