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Longtable Group to downsize amid resignations
  • Food and beverage company Longtable Group (ASX:LON) has undergone some board changes and will be seeking a new CEO, Managing Director, Chairperson and Chief Financial Officer
  • Current Managing Director Laura McBain will resign after developing 3 premium dairy brands including Maggie Beer, Paris Creek Farms and Saint David Dairy
  • Stepping in as Acting CEO is Chantale Millard who has managed these brands
  • Additionally, Chief Financial Officer Michael Caragounis has resigned and will be leaving Longtable at the end of January next year
  • As a result, the company will relocate its Melbourne corporate office to a smaller office space - reporting it will save over $1 million
  • Shares remain flat today and trading for 17.5 cents each

Longtable Group has just undergone some board changes and will be seeking a new CEO, Managing Director, Chairperson and Chief Financial Officer.

The company has advised that Laura McBain has resigned as Managing Director and CEO, as well as from the Board of Directors.

The food and beverage company first announced Laura's intention to the market on October 30 2019.

Laura's decision comes after a time of transformational growth in Australia and internationally.

Since 2017, she developed and put together three premium food and dairy brands, being Maggie Beer, Paris Creek Farms and Saint David Dairy, which have significantly contributed to financial growth.

"With the really hard work now done, the business is in good shape moving forward, with Longtable Group set to return to positive trading cash flow as planned," Laura said.

"As a result, I believe now is a good time for me to consider career opportunities with larger enterprises," she added.

Assuming the role of Acting CEO is Chantale Millard. Chantale is currently the CEO of the South Australia division.

She has also managed Maggie Beer Products since May 2016 and Paris Creek Farms since May of this year.

Chantale will be Acting CEO until Longtable formally appoints a new Chair, Managing Director and CEO.

Additionally, Chief Financial Officer Michael Caragounis has resigned and will be leaving Longtable at the end of January 2020.

The food and beverage business will not hire a replacement as the current Group Financial Controller, Yann Hessel will assume some higher level responsibilities.

As a result of these changes, Longtable will relocate its Melbourne corporate office to an alternative, smaller office space in the CBD.

Downsizing will reduce the company's corporate office expenses by approximately $1.6 - $1.8 million annually.

Shares in the company remain flat today and trading for 17.5 cents each at 1:14 pm AEDT.


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