Maggie Beer Holdings To Restructure Operations After Strategic Review

MT Newswires Live

Feb 05

Maggie Beer Holdings (ASX:MBH) said it will restructure and simplify its operations as a result of a strategic review, according to a Wednesday Australian bourse filing.

In line with the restructuring, each of the e-commerce and Maggie Beer products businesses will be operated as a profit center with a divisional head to help focus and drive the strategic objectives of each business unit, the filing said.

Joint Interim Group Chief Operating Officer and Chief Financial Officer Penny Diamantakiou is set to leave the company to explore career opportunities and the roles will be discontinued, per the filing.

The firm's chairperson Sue Thomas said the board held that the cost of business was too high and new structure would allow it to focus on costs, core products, and customers, while being reflective

of its current market capitalization.

The firm added that the sale of Paris Creek Farms is progressing.

The firm's current group finance managers will jointly lead the finance team.

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