RFG’s shy new boss
RETAIL Food Group has appointed a new Australian boss – but he’s not available to talk about his plans for the company as it faces crippled share prices, disgruntled franchisees, two potential class actions and changes to reporting rules that could hurt its bottom line.
The company issued a statement last week announcing former Metcash supermarkets general manager Richard Hinson had started in the newly-created role of chief executive for Australia.
The statement contained glowing praise from managing director Andre Nell, but nothing from Mr Hinson, who was available for a photo but not an interview.
In the statement, Mr Nell said the position was created as a result of the group’s business-wide review.
“One of the primary objectives of that review is to find ways to better support our franchisees to ensure their businesses remain profitable and sustainable in a challenging retail market,” he said.
Pressed for an interview with Mr Hinson, RFG’s head of corporate communications and investor relations Sara Bradford said Mr Hinson “isn’t comfortable providing any comment over and above the below at this early stage of his appointment”.
The company sent an emailed response on his behalf that did not address questions of the challenges he faced in the important new role.
“I’m excited to have the opportunity to work with fantastic franchise brands and the talented group of passionate professionals at the Retail Food Group,” the response said.
“I look forward to leveraging my past experience to help with the transitional journey that the Retail Food Group has already embarked on.”
RFG last month copped a $445 million plunge in market value in the wake of damaging allegations surrounding their franchise model. The company is yet to release a guidance for the full 2018 financial year and are still preparing the results for the first half. Shares were trading at $2.01 at market close on Thursday.