Food Revolution Group has made some major changes to its management team alongside a new banking deal with NAB.
The group, which owns and manufactures brands such as Original Juice Co, Juice Lab, and beauty supplements Eridani, has named current CFO Steven Cail as its new chief executive.
Cail only joined the business in March of 2021, but has so far delivered strong financial outcomes and has helped to guide the group toward its next growth phase.
“Steven’s commercial and operational ability to drive our growth strategy is exactly what we need in order to lead FODs success going forward,” said chairman Norman Li.
“[He] has had an enormous impact in a short period of time to bring his obvious succession forward, [and] along with the board and senior management at FOD, we are well situated to deliver growth in FY22.”
Former CEO Tony Rowlinson resigned and was replaced on Monday, 12th July.
In addition to Cail’s promotion the business also announced that Jacqueline Phillips as an independent director – having experience at Visa and Bank of Melbourne, as well as Deakin University.
“To have such a well-recognised and credentialled board member is a fantastic step for the next horizon of the FOD turnaround,” said Li.
Helping this turnaround along is the businesses new banking partnership with NAB which has seen Food Revolution Group refinance itself and secure a $6.5 million equipment finance loan, as well as a $1 million invoice finance facility and a $600,000 bank guarantee facility. The partnership is set over a five-year term.
