Bakkavor, the maker of fresh prepared food for the supermarket multiples, has announced that Peter Gates will be stepping down from his role as Chief Financial Officer, with effect from 26 December 2020.
He joined Bakkavor as Interim Group Treasurer and was appointed CFO in November 2010. The company highlighted his contribution to simplifying the group’s ownership structure and strengthening its financial position. Gates also supported a drive to refocus its international activities to concentrate on the US and China, whilst overseeing several acquisitions and disposals, and leading Bakkavor’s IPO process.
Gates successor will be the current President of Bakkavor USA, Ben Waldron. He joined the company as Group Financial Controller in 2011 and then became Head of Strategic Development, supporting the group’s IPO in 2017 and the disposal of non-core businesses in the UK and Europe. In January 2019, he took on responsibility for Bakkavor’s US business.
Waldron will be returning to the UK to take up his new position, which is effective 27 December 2020.
He will be replaced as President of Bakkavor USA by Pete Laport who will be joining the business later this month from Revlon where he is Global Chief Supply Chain and Manufacturing officer. He has previously held management, operational and commercial roles at PepsiCo and Nestlé and led the global supply chain for Dunkin’ Donuts and Baskin-Robbins ice cream.
In addition, the company announced that in recognition of the importance of Mike Edward’s role in leading the UK business as Chief Operating Officer, he has been appointed as an Executive Director to the Group Board.
Commenting on the changes, Simon Burke, Board Chair, said: “It has been a pleasure for us all to work with Peter and he has played a most important role, especially in steering Bakkavor through its IPO and establishing us in the public market. He will be greatly missed.
“Equally, I am delighted that Ben Waldron will be joining the Board as our new CFO. Ben was the outstanding candidate in what was a broadly-based search, and his very successful term at our US business means he will bring strong operational insight to the role.
“Finally, I want to welcome Mike Edwards to the Board. Mike’s appointment recognises his many years as a key member of the management team, overseeing our core UK business as it has grown and consolidated its leading position.”
Bakkavor’s sales took a battering early in the pandemic as demand for its food-to-go lines was impacted by the closure of businesses and people working from home. More recently, the group has said sales in the UK, US and China have started to recover.
Bakkavor’s interim results last month showed operating profit down 32.3% to £28.7m on revenue that slipped 4.6% to £880.5m.
