Millar ditched in Albert Fisher coup
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Your support makes all the difference.NON-EXECUTIVE directors of Albert Fisher, the international food distributor, have ousted Tony Millar as executive chairman in an attempt to restore the credibility of the company.
Stephen Walls, who joined the board last October and is chairman of the group's audit committee, is taking over as non- executive chairman for the time being. Another non-executive, Anthony Whittaker, becomes deputy chairman.
There are no plans to appoint a chief executive for the foreseeable future. Operating management of the beleaguered company will be in the hands of Lenny Pippin and Tim Howden, ex-Ranks Hovis McDougall, who are currently group chief executives with responsibility for North America and Europe respectively.
Mr Millar bought into Albert Fisher, then a loss making Lancashire wholesaler with sales of pounds 5m, in 1982. Correctly identifying a shift by consumers towards fresh produce, he embarked on an acquisition drive and last year the company made pre-tax profits of pounds 89m on sales of pounds 1.1bn.
But confidence in the company has sagged badly over the past 14 months, culminating in a profits warning on 9 July that has left the shares trading at 39p compared with 133p in March last year.
'The five non-executive directors decided that the circumstances facing the company, both in its markets and in its credibility, required a change at the top in executive management,' Mr Walls said.
Mr Millar, who earned pounds 260,000 last year, holds 5.5 million shares in Albert Fisher and had four years of his service contract to run. He has been invited to become honorary president, and negotiations to finalise his compensation for loss of office are expected to be completed soon.
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