Retail Food Group has appointed Peter George as chairman to replace the retired Colin Archer.
Mr George joined as an independent non-executive director on the same day last month that Mr Archer retired with immediate effect.
Mr Archer stepped down a month after the embattled Gloria Jean’s and Donut King operator slumped to a $306.7 million full-year loss.
Retail Food Group, which has stumbled financially following accusations it was badly treating franchisees., says Mr George was appointed on the basis of a successful 30-year career as a senior executive and non-executive director with extensive experience of corporate turnarounds.
He led the restructuring and merger of ASX-listed digital printer PMP Limited as managing director between 2012 and 2017.
‘My focus is on effectively executing the already developed turnaround strategies to return RFG to stability and profitable growth, and add further impetus to the group’s efforts to restore value for shareholders,’ Mr George said.
Retail Food Group shares have lost almost 95 per cent of their value over the past two years.