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Food Revolution Group (ASX:FOD) - Chairman, Norman Li
Chairman, Norman Li
Source: Small Caps
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  • The CEO of food processing company The Food Revolution Group (FOD), Tony Rowlinson, resigns as the company positions for growth
  • The company has announced the resignation of Mr Rowlinson only a year after appointing him to the role
  • There are no details as to why he has left but the company has already appointed Steven Cali to replace Mr Rowlinson
  • The company has also appointed Jacqueline Phillips as the new Independent Director
  • On the market FOD is down 3.45 per cent, trading at 2.8 cents per share

The Food Revolution Group (FOD) CEO Tony Rowlinson resigns as the company positions for growth.

The Australian-based food processing company has announced the resignation of Mr Rowlinson, after appointing him to the role last year.

There are no details regarding why he stepped down, but the company has already appointed Steven Cali to replace Mr Rowlinson.

Mr Cali joined the FOD team as Chief Financial Officer in March this year. Prior to FOD, he headed up logistics at Target, which is a part of the Wesfarmers group.

Chairman Norman Li believes Mr Cali is what the company needs for future growth.

“Steven has had a huge impact on the business in a short period of time to bring his obvious succession forward,” Mr Li said.

FOD has thanked Mr Rowlinson for his dedication and hard work.

The company has also appointed Jacqueline Phillips as the new Independent Director, effective from July 12.

Early this year, FOD agreed to appoint independent directors to assist in corporate governance and also assist in the management of the business.

Ms Phillips is the first to be appointed since this announcement. She is extremely well-credentialed and comes with significant amounts of both board and top-level executive experience.

Her prior experience includes executive-level roles at Visa and Bank of Melbourne, along with an advisory board role for Deakin University’s Marketing Department.

“To have such a well-recognised and credentialled board member is a fantastic step for the next horizon of the FOD turn-around,” Mr Li said.

“Jac is an experienced brand and marketer, a champion for leadership, diversity, change management and good governance, and we look forward to her
guidance and direction moving forward.”

Additionally, based on its improved financial performance, FOD has successfully gained approval to partner with NAB to refinance the business for the next five years.

The agreement includes a $6.5 million equipment finance loan at an improved fixed 4.2 per cent interest; this facility is to replace the existing Greensill facility.

On the market this morning, FOD was down 3.45 per cent, trading at 2.8 cents per share at 11:50 am AEST.

FOD by the numbers
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