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Musgrave Announces That Chris Martin Is To Retire As CEO

Published on May 10 2019 1:51 PM

Musgrave Announces That Chris Martin Is To Retire As CEO

Musgrave Group plc announced today (10 May) that Chris Martin, who became CEO in 2005, will be retiring from the group.

“After 14 years as CEO, I will be retiring from Musgrave and moving onto my next chapter," Martin said.

"Musgrave has been an important part of my life and I have had the privilege of working with exceptional colleagues, world class retailers and supportive shareholders."

During his tenure, Chris achieved a number of significant milestones including guiding Musgrave through the recession to today where SuperValu, Centra and MarketPlace have achieved record turnover; the acquisition of key brands like Superquinn, La Rousse Foods and Donnybrook Fair and the establishment of new brands such as Frank and Honest.

Growing Good Business

In a statement, Musgrave explained that its Growing Good Business strategy has seen the business grow its existing brands, create new brands and look for opportunities to build or acquire businesses in new and emerging sectors of the food industry

"Through our purpose of ‘Growing Good Business’ we have worked together to build brands that are set up for long term sustainable growth and we have created a business that people can be proud of and which contributes significantly to local communities," Martin added.

"I am now working with the Board to provide a seamless transition."

Musgrave today announced results for the financial year ended 29 December 2018, with turnover up 3.8% to €3.9 billion and profit before tax of €84.5 million, a 5.6% increase on the previous year.

Net assets were €410 million, an increase of €79 million on 2017 and the business ended the year with net cash of €16 million.

Nicky Hartery, Musgrave chairman said: “Chris was instrumental in the development of our purpose, Growing Good Business, which forms a lasting foundation for the future success of the business."

"He leaves the business in good shape with SuperValu and Centra both achieving record sales in 2018."

© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.

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