Grenn rules out Findus switch after leaving Birds Eye
Birds Eye Iglo CEO Martin Glenn has ruled out a move to rival Findus Group following news that the f…Birds Eye Iglo CEO Martin Glenn has ruled out a move to rival Findus Group following news that the food industry veteran is to leave Iglo after six years at the helm.
News broke last night that Glenn is quitting his role as head of the frozen foods giant.
Speaking to The Grocer this morning, Glenn ruled out a move to Young’s Seafood owner Findus Group – which has still not replaced Chris Britton as CEO after he left at the end of last year – claiming there were a number of reasons why, including “contractual” ones. However, he signalled that a move within FMCG was more likely than not. “I’d say consumer foods is my area of expertise and aged 52 I’m unlikely to move outside of it but you never know.”
Glenn said he did not have a role to go to but insisted the decision to leave Iglo was amicable. “With Permira’s decision to extend their ownership period for another three years, and potentially another three years after that, I wanted to do some different things in my life.” He added that it was difficult to focus on finding a new position whilst in a current role and said he had implemented the same strategy when he left PepsiCo in 2006 as CEO of UK and Ireland and subsequently joined Birds Eye.
Glenn’s departure comes two months after Iglo Group’s private equity owner, Permira, completed a major refinancing. It abandoned a sale earlier in 2011 when it failed to achieve an adequate price.
Under Glenn’s stewardship, Iglo Group has grown by 44.2% in net sales value, from €1.1 billion in 2007, to €1.6 billion in 2011. EBITDA has also grown 88.9%, from
€172.5m in 2007, to €325.8m in 2011. Glenn was also instrumental in delivering a strategic blow to Findus by acquiring Findus Italy.
