Bakery products and cake group Real Good Food PLC (LON:RGD) has undertaken a boardroom clear-out following last week’s shock profit warning and revelation of undisclosed consultancy payments to directors.
Pieter Totté, executive chairman, has resigned with immediate effect along with finance director David Newman.
Non-executive Peter Salter, who chaired the audit and remuneration committees, resigned last week following publication of consultancy payments to both him and Totte over the past three years.
READ: Real Good Food hit by disclosures and profits downgrade
Harveen Rai has taken over as finance director and company secretary. She was previously Chief Financial Officer at Aryzta UK Holdings, involved in implementing and streamlining the processes and controls of the company. Aryzta is Europe's leading frozen bakery product supplier and has built its business by acqusitions.
Company doctor Hugh Cawley has also joined the board as a non-executive. An accountant, he specialises in businesses facing a major strategic challenge or undergoing significant corporate change, having previously worked at S Daniels, Dawson Holdings, office2office and, most recently, Progility and Driver Group.
Pat Ridgwell, a non-executive director, has taken over as interim chairman while Christopher Thomas, another non-exec, has taken on an executive role.
Shares recovered some of last week's losses today, with the stock up 7.3% to 23.1p.
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