Associated British Foods' chief executive to step down
January 01, 1999
by Teresa Acklin
LONDON Garry Weston, chief executive officer of Associated British Foods P.L.C., a leading U.K. flour milling and baking company, announced in December that he would give up his position on June 1, but would continue as executive chairman.
Peter Jackson, chief executive of British Sugar P.L.C. since it was acquired by A.B.F., will succeed Mr. Weston as chief executive.
“I believe that in recognition of the continued growth in the size and complexity of the company's operations, and to ensure strong leadership and clear direction for the future, it is time for these changes,” said Mr. Weston, who has been A.B.F. chief executive for 32 years.
A.B.F. and its subsidiaries have 15 mills and 22 bakeries in Great Britain, accounting for 30% of the U.K.'s bread market. In addition to British Sugar, the company's other holdings include Twinings, George Weston Foods in Australia and New Zealand and AC Humko and Abitec in the United States. Mr. Weston's family controls A.B.F.