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RFG chief executive resigns after 8 months

Richard Hinson has resigned from his position as chief executive of Retail Food Group as part of a “major restructuring” foreshadowed at last week’s AGM.

The Board thanked Hinson for his leadership since he started in the position just 8 months ago, and noted that RFG will renew its focus on serving franchise and non-franchise customers through promotion, innovation and service.

“Under Richards leadership, relationships with franchisees have improved and a range of actions have been taken to stabilise the business and improve performance,” RFG executive chairman Peter George said.

“Richard has driven positive change at RFG, and on behalf of the Board, I would like to thank him for his efforts during the early stages of the turnaround and wish him well in his future endeavours.”

For the time being, George will assume chief executive responsibilities.

RFG added that the restructuring is an immediate priority for the company in an effort to reduce costs and become more a more lean, customer focused organisation. In order to accomplish this, management will be decentralised to concentrate resources closer to franchisees in an effort to improve support, performance and sustainability of their businesses.

Last week, George acknowledged the task of turning around the struggling franchisor could inevitably lead to the sale of its assets.

“The board continues to look at a range of options, including potential asset sales but also the potential for alternative funding,” George said to shareholders at the company’s AGM.

“Inevitably, part of repairing the company’s financial position will mean implementing major restructuring and cost reduction initiatives through the group, as an immediate priority.”

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