Patisserie Holdings CEO resigns & replacement announced

Patisserie Holdings plc has accepted the resignation of Paul May as the group's Chief Executive Officer with immediate effect.

The company has also announced the appointment of Stephen Francis (pictured), as the new Chief Executive Officer, with immediate effect.

Francis is a strong leader and experienced turnaround Chief Executive with a proven track record of rapid operational performance improvements.

Since 2005, Francis has completed four successful operational turnarounds of multi-site, international businesses with revenues ranging from £2bn to £200m. He was recently CEO of Tulip Ltd, the UK's largest integrated farmer and producer of pork, where he led the rapid return from significant losses, rebuilt the management team and completed a major growth acquisition.

Prior to that, Francis led the turnaround of Danwood Group as Group CEO, restoring the credibility with stakeholders, re-building the management and transforming the profitability of the Company. He has also held turnaround roles at Vion Food Group and Vita Group. Stephen has also held a number of senior roles at Barclays Capital, PricewaterhouseCoopers and McKinsey.

Luke Johnson, Chairman, said, 'I am delighted to welcome Steve Francis as new CEO at Patisserie Holdings PLC. He has a strong track record of restoring value in turnaround situations, especially in the food industry, and the board looks forward to working with him in the revival of the business.'