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(Sharecast News) - Greggs said on Wednesday that chief financial officer Richard Hutton plans to retire and step down from the board at the end of the year after 28 years with the company.
The bakery chain has appointed Ben Waldron as CFO. He will join on 27 October as CFO designate and as an executive director. Waldron will then assume the role of CFO from 1 January 2027. Richard Hutton will stay on as CFO and executive director until 31 December 2026.
Prior to joining Greggs, Waldron worked for fresh foods business Bakkavor Group, where he held a number of senior leadership roles for over 14 years. He was CFO and also held senior operational roles as group strategy director, CEO of Bakkavor Asia and CEO of the US business.
Since leaving Bakkavor, Waldron has been based in Australia working across a portfolio of advisory roles, Greggs said. Before joining Bakkavor, he spent 12 years with Ernst & Young, where he was an audit, advisory and transaction director.
Chief executive Roisin Currie said: "Richard has been a trusted colleague, and I have greatly valued the partnership we have built over many years. His contribution to Greggs has been outstanding, and he will leave with the warmest thanks and very best wishes from everyone across the company.
"I am also looking forward to welcoming Ben to Greggs and look forward to working with him as we continue to deliver our ambitious strategic plans."
At 1411 BST, the shares were down 4.5% at 1,528p.
Russ Mould, investment director at AJ Bell, said: "Greggs' new chief financial officer Ben Waldron looks like a good hire. He brings valuable experience in the food sector and has qualities that suggest he is capable of being more than just a numbers man. He has held divisional CEO roles in pizzas-to-hummus maker Bakkavor, as well as previously being its CFO.
"Waldron left Bakkavor in 2024 to relocate to Australia, having helped to float the business in 2017 and run the American operations during the pandemic. He has the all-important mix of financial and strategic experience.
"Whether he is ever considered a potential replacement for incumbent CEO Roisin Currie in the future is anyone's guess, but his appointment certainly looks like a meaty one.
"The market wasn't blown over as Greggs' shares fell on the news that long-time CFO Richard Hutton would be leaving after 28 years with the company. Hutton has been part of a winning team, and investors might be worried that his exit is a negative signal, given it comes off the back of a more sluggish period for the business."
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