Peter Humphreys, First Milk's chief executive, has taken the decision to leave the business at the end of March 2010.
As a result of this decision, First Milk's chairman, Bill Mustoe, will immediately take over direct responsibility for leading the Executive team in addition to his chairman responsibilities. This will allow Mr. Mustoe to gain a more detailed understanding of the business.
Bill Mustoe commented: "Since I took over as chairman at the end of October, my focus has been on speeding up the work that had already started on reducing our cost base and growing our profit streams. To this end, Peter and I have worked closely to develop a range of activities that will be delivered between now and the end of March to improve our milk price.
"Alongside this work, Peter and I have also been considering how we can best structure the Executive team in order to drive the improvements that are required. We have now jointly agreed that the timing is right to announce that he will leave the business at the end of March 2010.
"As a result, I have decided to immediately take over direct responsibility for leading the Executive team. This will enable me to gain a more detailed understanding of how the business operates. Peter will support us in an advisory capacity until his departure at the end of March.
"While Peter will be on hand for the next few months, I would like to thank him at this point for his professionalism in the short period of time we have worked together and for his leadership of the business over the last four years."
Peter Humphreys added: "Given the new phase that the business is moving into, I believe that it is appropriate that I step aside from the chief executive role. I will be on hand to support Bill and the business over the next few months in whatever way I can."
For further information, please contact Paul Flanagan, Group communications director on 07767 241452.
4 December 2009