Musgrave Group CEO Chris Martin announces retirement
The chief executive of Musgrave Group, Chris Martin, has announced he’ll retire this year. The family controlled wholesaler and retail group will launch an internal and external search to find a successor.
Chris Martin is 59 and has been CEO since 2005. In that time he’s overseeing an expansion of Musgrave Group’s retail operations in particular including buying SuperQuinn out of receivership in 2011. That deal catapulted the business into the top three of Irish grocers.
He plans to step down later this year, once a successor has been identified.
Under his tenure Musgrave has also bought the La Rousse food service supply business and upmarket Dublin food retailer Donnybrook Fair. Musgrave has also launched its own brands such as coffee business Frank and Honest.
Commenting on the decision to retire, Musgrave chairman, Nicky Hartery, said Mr Martin had been instrumental in the development of the business.
“He leaves the business in good shape with SuperValu and Centra both achieving record sales in 2018. On behalf of the Board and everyone at Musgrave, I wish Chris every success with his future plans. The Board has commenced a succession process and following an orderly transition, Chris will step down from the business.”
Musgrave has also announced results for the financial year ended 29 December 2018. Turnover was up 3.8pc to €3.9bn and profit before tax was €84.5m – up 5.6pc on the previous year. Net assets were €410m and the business ended the year with net cash of €16m.