UK-based bakery products manufacturer Baker & Baker has promoted CFO Matthew Acheson to the position of CEO.
Acheson, who has been Baker & Baker’s finance chief since 2021, succeeds John Lindsay, who has been at the helm of the business for almost four years.
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Lindsay, who also worked for Baker & Baker forerunner CSM Bakery Solutions, has moved into a strategic advisory role until 1 May. He will then take up a non-executive director position with the company.
Baker & Baker said the appointment of Acheson “reflects his dedication and success in driving the performance of the business over the previous seven years as CFO”.
Marianne Kirkegaard, Baker & Baker’s executive chair, said: “On behalf of the board, I would like to congratulate Matthew on his appointment as CEO and express our confidence, trust and support in him to lead the company in its new endeavours.”
She added: “I would also like to pay tribute to John for his many years of impeccable service – and in particular his fantastic leadership of the business since 2016, including the transition, establishment and success of Baker & Baker as a new business entity.”
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By GlobalDataPaul Jones has succeeded Acheson as Baker & Baker’s CFO. He has served as UK finance director since 2021.
Baker & Baker supplies more than 30 markets across Europe and in the Middle East and North Africa.
The company has 12 manufacturing sites across six European countries, employing more than 2,500 people.
In a statement, Acheson said he is looking to expand the business’ presence and distribution in markets throughout Europe and further afield.
He added: “2024 has been another robust year for the Group, and we are excited about the opportunities to grow our business in collaboration with our key customers and partners.”
The most recent accounts filed at Companies House, the UK business register, for Baker & Baker cover 2023.
Turnover was €620.4m ($636.1m) in 2023, a 12% rise year on year. The company sold 141.9m metric tons of products in 2023, up 0.2% on 2022.
Baker & Baker posted an operating loss of €5.5m, compared to €11.4m in 2022. It reported a net loss of just under €8m, against a loss of €15.3m a year earlier.
