QSR chain replaces founding CEO with veteran
Recent ASX listee Oliver’s Real Food has replaced founding CEO Jason Gunn following a board review into the future direction of the business.
The health focused QSR chain has appointed former Subway UK country director Gregory Madigan to replace Gunn as chief executive, effective 9 April.
Gunn will stay on as a director in the business and will support the transition process to a new CEO.
Announcing the leadership change on Monday morning, Oliver’s said the board had “undertaken a review of the growth potential and direction of Oliver’s” and had concluded that the “next stage of growth should be led by an experienced QSR executive.
Oliver’s chairman Mark Richardson said the move was part of a transition plan for the business and thanked Gunn for his efforts thus far.
“Oliver’s is delighted to announce the appointment of Gregory Madigan as the new CEO, at a good time for the company – after the successful IPO in 2017 as we close our first year in a strong operating position,” he said.
Prior to managing Subway in the UK Madigan was the general manager for the chain’s operations in NSW/ACT.
Gunn appeared supportive of the transition in a statement to shareholders, saying the company stands to benefit from a veteran at the helm.
“It was clear the company would benefit from a world class and seasoned business executive at the helm to lead the company through the next growth phase,” he said.
“We had a number of excellent global QSR executives attracted to leading the Oliver’s business, which is a testament to the confident they have in our future.”
Oliver’s has had a tumultuous run since listing on the ASX, but has recently turned a corner with a positive earnings result for half-year 18.
Madigan will receive a fixed remuneration of $340,000 annually, as well as up to 50 per cent of that base salary in potential short-term incentive payments.
“I am extremely excited to be joining the Oliver’s team, this is a great Australian company that is leading the way in the health and nutrition offering in the QSR industry,” Madigan said. “I believe strongly in the brand and know that together we will build on Jason’s pioneering work.”