Greggs chair stands down from board

 
Michael Bow
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HIGH street pasty seller Greggs was yesterday forced to launch a hunt for a new board member after long standing chairman Derek Netherton announced he would step down next year.

Netherton, who has been Greggs chairman for the past ten years, will leave his role at the firm’s next company meeting, scheduled for May 2013.

His replacement, non-executive director Ian Durant, currently chairs the board’s audit committee and is also a non-executive director at brewer Greene King and high street store group Home Retail Group.

The baker, which is famed for its steak bakes and sausage rolls, yesterday launched a search for a replacement for Durant to head the audit committee.

Netherton, 67, used to be joint head of corporate Finance at J Henry Schroder & Co until his 1996 retirement.