Martin Glenn has announced his intention to step down as ceo of the Iglo Group having “achieved the objectives he set out” when he took up the role in 2006.
Glenn will remain an investor in the business and stay on while a new leader is found over the coming months.
He led the turnaround of the frozen food manufacturer following the Permira-backed buyout in 2006, returning it to growth, according to an Iglo Group statement.
Under Glenn’s leadership, Iglo had been reshaped into Europe’s largest frozen food business and is now 2.5 times the size of its nearest rival, making it the market leader in frozen food, said the firm.
Before joining Iglo, Glenn was chief executive of PepsiCo for three years and of Walkers Snack Foods between 1992 and 2006.
Glenn said: “I am very proud of what we have achieved with the Iglo Group and of the significant turnaround of the business since 2006. Having achieved the objectives we set ourselves in the time frame planned and recently completing our refinancing and strategic plan, now is the logical time to begin the search for a new ceo who can take on the next business cycle.”