1 March 2019
The Australian
Changes are afoot at healthy fast food chain Oliver’s, the group today announcing the resignation of its chief just three days after its chairman stepped down.
In a note to the market this morning, interim chair and co-founder Kathy Hatzis told the market that Greg Madigan had resigned, after 10 months leading the group.
It comes after a reshuffle of the board yesterday, after chairman Mark Richardson resigned.
The company said the changes came ahead of a period of “financial and operational consolidation… with an emphasis on cost rationalisation, operational efficiency and revenue improvements”.
In its most recent earnings update, the company posted a set out expectations of a loss in earnings between $1 million and $4m, subject to the implementation of cost-cutting measures.
It reported $3.47m in the bank at the end of the December quarter, with $11.45m in outgoings expected for the quarter ahead.
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