Bakkavor Group PLC on Thursday said its Chief Executive Officer & Co-Founder Agust Gudmundsson plans to retire after 36 years with the company.

Bakkavor has also promoted its Chief Operating Officer Mike Edwards as Gudmundsson’s successor.

Edwards joined the London-based fresh prepared food company in 2001 as a manufacturing manager at one of its pizza factories. In 2014, he was promoted to COO and since joined the company’s board in Decemeber 2020.

Gudmundsson plans to step down on October 31, but Bakkavor said that he will remain a ‘significant’ shareholder and become a non-executive director.

Gudmundsson founded Bakkavor 36 years ago with his brother Lydur Gudmundsson.

Chair Simon Burke said: ‘The founding and building of Bakkavor by Agust, along with his brother Lydur and their colleagues, has all the hallmarks of a great entrepreneurial endeavour. It has created a first-class business with strong market positions and great opportunities, one of the global leaders in its sector.

‘One of the characteristics of a successful leader is the quality of the team they build around them, and there is no better testament to this than the appointment of Mike as our new CEO,’ Burke added.

Bakkavor shares were untraded at 86.00 pence each in London on Thursday morning.

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