Britain's 2 Sisters Food Group has appointed Craig Tomkinson as its new group chief financial officer, after CFO Richard Pike decided to leave the group.
Tomkinson is currently the finance director for the UK and Ireland, and will take over the CFO role on 1 July. He returned to the company in April 2018, after a six year stint there between 2010 and 2016.
In those six years, he played a 'major role' in the £346 million takeover of Northern Foods in 2011, and the £80 million acquisition of the British arm of Vion Foods in 2013, the company said.
He said of his appointment, "I’m delighted to be appointed CFO and relish the opportunity to support our new CEO Ronald Kers in developing 2 Sisters into the best everywhere we operate.
"It’s been a privilege to have worked so closely with Ranjit and be part of the 2 Sisters growth story to date, and I look forward to this exciting new chapter."
Changes To Finance Function
Pike's decision to depart the company came after internal changes to the group's finance function, the food group said. It had decided to split responsibility for central financial work and M&A projects.
He was part of the Goodfella's pizza chain £200 million sale to Nomad Foods, and worked on 'strengthening the balance sheet', 2 Sisters Food Group commented.
Pike said, "I am pleased to have been able to play an instrumental role in the group’s change journey over the last 12 months.
"Whilst I believe we are now heading in the right direction, I feel that now is an appropriate time for me to pursue other opportunities. I would like to take the opportunity to wish Ranjit and the whole organisation all the very best with the positive change journey."
In April, Moody's Investor Service downgraded 2 Sisters Food Group from B3 Caa1, ascribing it to 'further deterioration in the company's operating performance' during the second quarter of the current financial year.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: European Supermarket Magazine.
