Emma Hynes

Greencore outgoing CFO Emma Hynes is set to leave the group after 11 years

Greencore has kicked off a search for a new chief financial officer after Emma Hynes signalled her intentions to step down from the role.

Hynes will leave the food-to-go specialist in May following the group’s half-year results, remaining with Greencore for a transition period to help her successor.

She was appointed as CFO in April 2020 having previously served in a variety of finance leadership roles at the company over 11 years, including as group finance director.

Greencore didn’t provide details of Hynes’ plans after leaving the business, with the board starting a search process for a new CFO.

The move follows a change last year at the top of the group as former Morrisons boss Dalton Philips took over as CEO from Patrick Coveney, who left to take charge of SSP Group.

“In her many years at Greencore, Emma has made an enormous contribution to the evolution of the group, particularly in her current role as chief financial officer and her leadership over this time has been invaluable,” Philips said.

“On a personal note, I would like to thank Emma for her counsel and support since my appointment as CEO. On behalf of everyone at Greencore, we wish her all the very best for the future.”

Martin Deboo, equity analyst at investment bank Jefferies, added that Hynes had proved to be “a safe and steady pair of hands” during a difficult period for Greencore throughout the pandemic, the departure of long-serving CEO Patrick Coveney and a wave of cost inflation.

“We will miss her,” Deboo said. “However, with new CEO Dalton Philips in harness, our experience is that it’s not unusual in such a situation for a CFO change to follow.

“Critical for any newcomer will be continuing to rebuild investor confidence and ensuring alignment with Philips’s priority of driving margin and ROIC.”

Shares in Greencore have fallen into the red for the day on the news being announced on the London Stock Exchange, with the stock down 0.7% to 80.6p at time of publishing.