Chris Martin, the Chief Executive of leading Irish retail group Musgrave, is set to retire after 14 years in the job. The news came after the owner of the Centra and SuperValu chains reported solid year end results.
Martin has led the group past several important milestones, including the acquisition of rival Superquinn and the purchases last year of La Rousse Foods and Donnybrook Fair.
Chairman Nicky Hartery thanked him for his “exceptional leadership” and “unstinting commitment” to the business, adding: “He has led the growth of outstanding grocery and foodservice brands which are now in leadership positions in one of the most competitive markets internationally… He leaves the business in good shape with SuperValu and Centra both achieving record sales in 2018.”
Musgrave stated that it has begun searching for a successor, which could take several months. “We have got some very good internal candidates and we will also look at external candidates,” Martin said. He plans to remain with the business to oversee an orderly transition to his successor.
“I am leaving at a time when we have got a very strong team in place that’s delivering,” Martin said. “It’s been a difficult decision but it’s time to move on to other things.”
In the year ended 29 December 2018, Musgrave’s pre-tax profit climbed 5.6% to €84.5m on turnover up 3.8% to €3.9bn. Innovation and expansion helped drive growth across all its various supermarket, convenience and wholesale operations.
Martin said the growth in profits for a fourth year in a row had been achieved despite very competitive trading conditions. “Our performance underlines the success of our Growing Good Business strategy, which is on track to deliver long-term growth,” he said.
“Through this strategy, we are successfully evolving our business to provide people with unique food experiences when, where and how they want them. This is being delivered through investment in digital, a focus on innovation and with our retail partners who are responsive to the local needs of shoppers.”
After buying La Rousse Foods and Donnybrook Fair last year, Martin revealed the business was continuing to “explore further acquisition opportunities”.
Looking ahead, Musgrave warned that while the Irish economy remained robust, there are a series of international factors, including Brexit, that could have a negative effect on consumer confidence in Ireland. The company revealed that it has been planning for Brexit for the last two years in order to minimize the impact on shoppers and its business.
Musgrave concluded: “Our ambition remains to become the undisputed number one in grocery retail and wholesale across the island of Ireland”.
NAM Implications:
- The results speak for themselves, and all Brexit complications have been factored in…
- Chris Martin’s successor will need exceptional abilities, in a very dynamic market.
