Martin Glenn will replace Benoit Testard as CEO of United Biscuits, it was announced today.
Glenn (pictured), who quit his role as CEO of Birds Eye in January, will take on the role from 7 May, and described the move as an “exciting” opportunity.
“[With revenue of £1.3bn in 2011] it’s a big business – of a similar size to Birds Eye Iglo,” he told The Grocer. “I’ll be able to use my [ambient] experience from Walkers as well as my experience of private equity. I certainly don’t have a problem working with private equity per se.”
UBUK, whose brands include McVitie’s and Jacob’s, was acquired for £1.6bn by PAI/Blackstone in 2006, the same year Permira bought Birds Eye Iglo Group (BEIG) in a £1.7bn deal.
But while BEIG has grown its sales and profits, and its private equity owners refinanced successfully on two separate occasions, UBUK has been frustrated in its attempts to either float on the Stock Exchange or sell itself as a whole entity, and was forced to dispose of its savoury snacks arm to German giant Intersnack in a deal valued at £500m in December.
Testard, who has continued to run the biscuit division, will leave the business on 19 April, UBUK said.
David Fish, chairman of UB, said: “I would like to thank Benoit for his great service over the past 14 years. During that time he has made an enormous contribution to the business across a number of areas and roles.
“I am delighted to welcome Martin to UB. He has an outstanding record of success at both Birds Eye Iglo and Pepsico UK and Ireland. We look forward to him leading UB through the next stage of its successful development both in Western Europe and globally.”
Staff were informed of the changes first thing this morning.
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