Real Good Food's Totté steps down after profit warning
Real Good Food has announced a number of board changes on Tuesday after last week's profit warning, most notably that founder Pieter Totté has stepped down from the board with immediate effect.
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Non-executive director Pat Ridgwell had assumed the role as interim chairman until the appointment of a permanent chairman, while Christopher Thomas, currently a non-executive director, had taken on an executive director role.
Entrepreneurial financier Totté founded the company in 2003 and led its flotation on AIM as non-executive chairman until taking on an executive chairman role in 2009 and leading the company through various corporate adventures.
RGF also appointed Harveen Rai as finance director and company secretary of the company with effect from 14 August 2017.
She will succeed David Newman who will remain with the company for a period of time to ensure an orderly handover.
Rai has 20 years of experience, predominantly in fast moving consumer goods listed companies, and was previously chief financial officer at Arzyta UK where she was involved in implementing and streamlining the processes and controls of the company.
The company also announced the appointment of Hugh Cawley as non-executive director of the company with immediate effect, also taking the role as head of the company's audit committee.
Cawley comes from finance background with extensive public company experience and particular focus on businesses facing major strategic challenge or undergoing significant corporate change.
His public company executive roles have included spells with S Daniels PLC, Dawson Holdings PLC, office2office plc and, most recently, Progility plc and Driver Group plc.
Meanwhile, Judith Mackenzie, who was appointed to the board as non-executive director on 29 June 2017, will take on the role as head of the remuneration committee.
Non-executive director Peter Salter resigned from the board, where he was chairman of audit and remuneration committees, last Monday.
Last week, the AIM listed company said it will fall short of its previous guidance as "substantial anticipated claims" for its sugar purchase arrangements in the year ended 31 March 2017 "have not yet materialised", while certain development costs that had previously been capitalised during the fiscal year "should more appropriately have been expensed".
As a result, directors expect earnings before interest, tax, depreciation and amortisation to come in at roughly £2.0m for the full year, though this is still subject to a final audit.
The company's shares were up 7.30% to 23p by the close on Tuesday.