Franchise Brands, a multi-brand franchise business, has made the decision to adjust its board structure to accommodate the significant growth experienced after the successful acquisition of Filta and Pirtek Europe.
Streamlined Board of Directors
Beginning October 2, Franchise Brands will implement a two-tier organization. This restructure will involve streamlining the board of directors to consist of five members. The board will now include two executive directors, Chair Stephen Hemsley and Chief Financial Officer Mark Fryer, as well as three non-executive directors and two independent non-executive directors.
Introduction of Management Board
To enhance operational efficiency, a separate management board will be formed below the board of directors. This management board will be responsible for the daily operational and financial management of the business. The divisional managing directors will comprise this new board.
Franchise Brands has also announced the departure of Alex McNutt, the current chief executive of Pirtek Europe, who has decided to step down to pursue other opportunities. The company will soon appoint a new chief executive for Pirtek Europe as a replacement.
With seven franchise brands spanning across ten countries, Franchise Brands continues to demonstrate its dedication to growth and success within the industry.