Greggs chief to step down as sales soar
THE boss of Greggs is set to retire after posting record annual sales of £1.23bn.
Roger Whiteside, who has run the bakery chain since 2013 and turned it into one of Britain’s best-loved businesses, will step down in May.
He will be replaced by Roisin Currie, the company’s retail and property director, who will become the only female chief executive of a FTSE 350 retailer. Shares fell 8.1pc, or 271p, to 3101p. Whiteside, 63, who was part of the founding team at Ocado, is credited with turning Greggs into the UK’s largest food-to-go retailer with 2,181 shops. There are plans to open a further 150 this year.
Greggs is now valued at £3.2bn having seen its shares climb sevenfold under Whiteside. The launch of the sell-out vegan sausage roll in early 2019 helped to boost the company’s profile – as did a series of tonguein-cheek marketing stunts.
Posting a bullish trading update yesterday, Greggs said sales totalled £1.23bn last year, up from £811m in 2020 and higher than the £1.17bn it made in 2019.
And despite warning of increased cost pressures with rising inflation, it is planning to hand out between £30m and £40m to shareholders in 2022.
The firm, which started 80 years ago with John Gregg delivering fresh eggs and yeast to the families of Newcastle by bike, is now one of the city’s top businesses.
Others include Sage and Bellway, while Virgin Money has its headquarters there.
Currie will start as chief executive designate and executive director next month, while Whiteside will step down from the board in May. He will remain available to support the company until January 2023.
But Whiteside said he would not take on chairman nor non-executive director roles as he wants to spend time with his family and enjoy some ‘adventure before dementia’.
He added: ‘I want to spend more time on the golf course, on learning a musical instrument, mucking about with motor racing cars and skiing. That sort of stuff, so nothing earth-shattering.’
Currie has been at the company for 12 years. She is responsible for Greggs’ retail operations across the UK, and has led the development of the shop network and delivery business in partnership with Just Eat.