We cannot hide our disappointment for Greggs’ shareholders on the announcement of Mr. McMeikan’s resignation. With the inevitable uncertainty that a change of such a key position brings, we feels that it is right to downgrade our recommendation on Greggs’ stock from Buy to Hold.
SANJAY VIDYARTHI ESPIRITO SANTO
Greggs is at a difficult point in its evolution at the moment, with pressure on trading and decisions to be made on how best to allocate capital. The timing of this departure is therefore unhelpful, though there is a strong and experienced management team underneath.
SAHILL SHAN N+1 SINGER
McMeikan possesses a wealth of experience in the food retail sector and his presence was certainly an asset to the company. We expect Greggs to find a strong successor who will continue Ken’s work in realising strategic potential whilst counteracting current headwinds.