Top story

PayPoint has announced that its chief executive Patrick Headon has stepped down from his role following an illness-related leave of absence.

The payments company announced on 26 September that Headon was taking a temporary leave of absence to receive treatment for a medical condition.

It has now said Headon has stepped down from his role and the board with immediate effect.

Headon joined PayPoint as CEO on 1 April, 2019, succeeding Dominic Taylor in the role.

The search for a new CEO is underway and in the meantime the company’s chairman, Nick Wiles, has agreed to continue in the role of executive chairman until a new chief executive is appointed.

PayPoint’s board said it “would like to thank the executive team and Rachel Kentleton, finance director, in particular, for the leadership they have shown in the business during this period”.

Morning update

Greencore (GNC) has announced a number of changed no its non-executive board.

Gordon Hardie as will join the board as a non-exec director with effect from 1 February 2020.

Hardie recently retired from Bunge, a global agri-food business, where he served as President of Bunge Food & Ingredients since 2011. Prior to Bunge Ltd, Mr Hardie served as MD of Goodman Fielder Bakeries Australia / New Zealand.

Commenting on the appointment, Gary Kennedy, chairman of Greencore, said: “His in-depth business to business and business to consumer experience in the food and consumer goods industries, as well as his executive and non-executive experience in a wide range of functions, geographies and growth stages will be very valuable, as we continue to drive the group forward.”

Meanwhile, non-exe director John Moloney, will retire from the board at the conclusion of the its AGM, scheduled for 28 January 2020. He joined the Board in February 2013 and “has been instrumental in setting the board’s strategy over his tenure.”

CEO Patrick Coveney said: “In his seven years on the Board, John has provided invaluable support, counsel and at times robust challenge to me and the executive team. He knows every corner of the global food industry, has a passion for growth, and has made Greencore a better business and me a better leader and we wish him well.”

On the markets this morning, the FTSE 100 is flat at 7,539.4pts.

Earlier risers include McBride (MCB), up 4.1% to 83.8p, Cranswick (CWK), up 1.4% to 3,390p and WH Smith (SMWH), up 1.4% to 2,602p.

Fallers include Glanbia (GLB), down 3.2% to €10.10, FeverTree (FEVR), down 1.8% to 2,100p and B&M European Value Retail (BME), down 0.8% to 408.7p.

Yesterday in the City

The FTSE 100 edged up another 0.2% to 7,540.8pts yesterday.

On a day of little significant movement, risers included FeverTree (FEVR), up 5.5% to 2,139p, Glanbia (GLB), up 2.3% to €10.43, Imperial Brands (IMB), up 2.4% to 1,817p, Premier Foods (PFD), up 2.1% to 38.8p and Naked Wines (WINE), up 1.8% to 221p.

Fallers yesterday included McColl’s (MCLS), down 2.6% to 38p, SSP Group (SSPG), down 2.1% to 650p, Eagle Eye Solutions, down 1.9% to 184.5p, McBride (MCB), down 1.8% to 80.5p and AG Barr (BAG), down 1.7% to 568p.