Following a number of disposals over the last year, the group now comprises two autonomous business units with their own separate strategies lead by the managing director of each respective business unit.
The role of chief executive has therefore changed and the board consider the future role will now be a part-time role, complementing the strategic and operational focus of the managing directors of Brighter Foods and Renshaw, with a particular focus on the group's head office functions and corporate governance. The search for an executive director to replace Hugh is well advanced.
An appointment is expected within a few weeks. Pending this appointment Mike Holt will temporarily become executive chairman of the group.
"On behalf of the board, we would like to express our thanks to Hugh for his considerable contribution in stabilising the group, helping to improve corporate governance within the group and getting it focused on its two core businesses,” said Holt.
“The group is now fully engaged in growing Brighter Foods and regaining market share for Cake Decoration. We wish Hugh well for all his future endeavours."