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Real Good Food – tottering, tottering… & Exec Chairman of “consultancy services” infamy eventually Totté(rs) off

By Steve Moore | Tuesday 8 August 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

On the back of real bad news & disclosure, I suggested a lack of confidence in the top brass of Real Good Food (RGD) HERE. I thus note with interest today an announcement entitled “Board Changes”

This commences with that Harveen Rai, a member of the Chartered Institute of Management Accountants and with approximately 20 years of experience predominately in fast moving consumer goods listed companies, has been appointed as Finance Director and Company Secretary and will replace David Newman. Followed by news of the appointment of an experienced non-executive director in Hugh Cawley.

It is then stated that “Pieter Totté, Executive Chairman of the company, has resigned from the company and stepped down from the board with immediate effect”. Don’t worry though, I doubt he’ll be going in poverty – it was more than £1.8 million of not-separately-disclosed “consultancy services” payments to him which particularly compounded the tardy profit warning last week.

Non-exec Pat Ridgwell has assumed the role as Interim Chairman until a permanent Chairman can be appointed and another non-executive, Christopher Thomas, has currently moved to an executive role. Meanwhile, end-June appointed non-exec Judith Mackenzie is to be Head of the Remuneration Committee.

This is welcome change, but new management needs to show it has better control and regain investor confidence in the company. As such, for now, I continue to watch from the sidelines.

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