My Food Bag CEO heading for exit door

My Food Bag Group says it received notice “overnight” that chief executive Kevin Bowler plans to resign. The company revealed the news yesterday in an announcement to the NZX.

Bowler joined My Food Bag in June 2018 as its first independent chief executive and had overseen a period of significant change, the meal kit company said.

Chair Tony Carter said Bowler had successfully led the business through the Covid19 pandemic.

“During Mr Bowler’s tenure, the business virtually tripled its earnings, took control of national operations from third parties, opened two new assembly facilities in Auckland and Christchurch, and broadened its offering to customers by adding recipe choice, made meals and its grocery options via the kitchen.”

Bowler said he was sad to be leaving but felt the time was right.

Bowler’s final day is October 14 and the board is beginning a search for his replacement. Chief financial officer Mark Winter will act as interim CEO following Bowler’s departure.

My Food Bag shares have been a major disappointment since investors bought into the IPO in March 2021 at $1.85, allowing existing shareholders to sell down their holdings. My Food Bag shares closed yesterday up 3c to 67c.

In a trading update issued in August, the company said it had seen a slower start to trading in 2023 than expected.