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Freedom Foods (ASX:FNP) - Former Managing Director & CEO, Rory Macleod - The Market Herald
Former Managing Director & CEO, Rory Macleod
Source: The Australian
  • Freedom Foods (FNP) has announced Managing Director and CEO Rory Macleod is on leave, pending an announcement
  • It's not yet known what the announcement will be, but it's expected to be revealed early next week
  • Today's announcement comes one day after CFO Campbell Nicholas resigned
  • Pending the announcements, Freedom's board has appointed Brendan Radford as acting CEO and Stephanie Graham as acting CFO
  • Freedom's stocks have plummeted following the news, down 20.3 per cent, trading at $2.81 per share

Another ambiguous announcement, revealing big changes in management at Freedom Foods (FNP), has sent the company's stock price falling.

Freedom today announced its Managing Director and CEO Rory Macleod is on leave, pending an announcement early next week. It's not known what the announcement is, leading many investors to speculate.

It's also the second time in as many days the Australian food brand has announced one of its own is leaving. Freedom told the market yesterday CFO Campbell Nicholas is resigning effective immediately.

The changes in management have seen the company's share price drop more than 20 per cent, as Freedom failed to implement a trading halt.

Following the CEO and CFO leaving, Freedom has announced current Commercial Director Brendan Radford has been appointed acting CEO.

Perry Gunner will become Executive Chairman, while Trevor Allen was announced yesterday as Freedom's sole Company Secretary.

Alongside these appointments, Stephanie Graham, Group General Manager Corporate Development, has been handed the CFO position.

Ms Graham will stay in place while the Freedom board evaluates a permanent appointment.

Freedom Foods is best known for its health food brands, such as Heritage Mill and Messy Monkeys. It also owns a number of popular dairy and plant-based milk brands, such as Almond Breeze and Milk Lab.

But the big changes to senior management positions have sent shockwaves through investor circles, with the share price plummeting 20.3 per cent.

Currently, Freedom shares are trading at $2.81.


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