Investors sent ASX-listed food maker Freedom Foods shares plummeting after the company said its chief executive Rory Macleod was on leave a day after the resignation of its chief financial officer.
The company went into a trading halt late on Wednesday pending a further announcement about its financial performance. Before trading was suspended, shares dropped by 14 per cent, or 51¢, to a five-year low of $3.01. The trading volumes were unusually high with 21.5 million shares trading hands, or nearly 8 per cent of the shares on issue.
Freedom Foods said in a statement that commercial director Brendan Radford had been appointed acting chief executive of the company and chairman Perry Gunner had been appointed executive chairman. The developments came a day after the resignation of the company’s chief financial officer Campbell Nicholas.
The company, which has a market capitalisation of $834 million, makes the cereal brands Arnold’s Farm and Heritage Mill. It also makes Australia’s Own longlife milk and Australia’s Own organic almond milk.