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Freedom Foods feels bite as chief executive takes ‘leave’

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 chief executive Rory Macleod is on leave from the company.

Freedom Foods chief executive Rory Macleod is on leave from the company.Credit:Peter Braig

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.

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