Retail Food Group (RFG) has announced the immediate resignation of CEO Matt Marshall, with non-executive chairman Peter George stepping into the role of executive chairman as the company begins a global search for its next chief executive.
Marshall, who first joined RFG in 2019 and took on the CEO role in 2023, exits at a time when the company has reported a $14.9 million net loss after tax for the financial year. This compares to a $5.8 million profit during the same period last year.
Despite the loss, George emphasised Marshall’s contributions during his tenure. “The board would like to thank Matt for his hard work and commitment to the company over the past five years, the last two as CEO – a period that saw a steady improvement in underlying performance, as reflected in the recent FY25 results,” he said.
George added that under Marshall’s leadership, the company resolved several legacy issues while sharpening its focus on high-potential brands such as Gloria Jean’s, Donut King, Beefy’s Pies, Crust, and most recently Firehouse Subs.
As RFG moves forward, George highlighted that the search for a new CEO will centre on candidates with strong franchise experience and the ability to strengthen relationships with franchise partners and stakeholders.
Reflecting on his time at the helm, Marshall said: “Since joining RFG, I have been privileged to lead a dedicated team through a period of transformation. We have redefined our culture to be purpose-led and have relentlessly focused on delivering quality improvements in all areas. These foundations will benefit franchise partners, our team and all stakeholders into the future. I am deeply proud of the progress we’ve made and grateful to the team who have made it possible.”
Looking ahead, RFG has reaffirmed its strategy to strengthen its core brands through technology investments and expand its network both domestically and internationally. The company has set an ambitious target of at least 200 domestic outlets for each of its core brands and plans to bring US-based Firehouse Subs to the Australian market.