)
Retail Food Group (ASX: RFG) CEO Matt Marshall has resigned after five years with the company, the last two in the top job.
Marshall, who was appointed CEO in July 2023, has not given any reason for his sudden departure but during his tenure the company has undergone a major transformation that included plans to introduce US-based Firehouse Subs brand in Australia and the announced divestment of Brumby’s Bakery – a brand that has been a mainstay of the business for the past 18 years.
“Since joining RFG, I have been privileged to lead a dedicated team through a period of transformation,” says Marshall.
“We have redefined our culture to be purpose-led and have relentlessly focused on delivering quality improvements in all areas.
“These foundations will benefit franchise partners, our team and all stakeholders into the future. I am deeply proud of the progress we've made and grateful to the team who have made it possible.”
Marshall joined RFG as head of growth in 2020 and was later promoted to head of retail for the group which also owns the Gloria Jean’s, Donut King, Crust Gourmet Pizza and Beefy’s Pies brands.
The CEO, whose resignation was announced after the market closed last Friday and is effective immediately, has left RFG on a relative high after the company reported a 1.7 per cent lift in underlying EBITDA of $29.6 million for FY25.
The restructuring of the business, which is centred on a simplification of its brand portfolio, led to a bottom-line loss of $14.98 million which included impairments of $15.7 million – largely related to Brumby’s Bakery.
RFG’s non-executive chairman Peter George has stepped in as executive chairman at RFG while the company undertakes a global search for Marshall's replacement.
“The board would like to thank Matt for his hard work and commitment to the company over the past five years, the last two as CEO – a period that saw a steady improvement in underlying performance, as reflected in the recent FY25 results,” says George.
“Retail Food Group has made significant progress in that time, resolving legacy issues and sharpening its focus on the core brands with the greatest growth potential – Gloria Jean’s, Donut King, Beefy’s Pies, Crust and now Firehouse Subs.
“The board will commence the search for a new CEO with substantial franchise experience and the ability to build and maintain strong relationships with internal and external stakeholders, including our franchise partners.”
Beefy’s Pies was the standout performer for RFG in FY25, posting network sales growth of 16.6 per cent and same-store sales growth of 5.1 per cent.
The company says it plans to focus its company store sales growth on Beefy’s Pies and Firehouse Subs in a bid to deliver "rapid growth" in these brands.
RFG says there are no changes to the group’s outlook following Marshall’s departure.
George previously held the executive chair role from 2018 prior to the appointment of Marshall in 2023.
)
