By Michael Susin
Franchise Brands said that it will change the board structure given the significant growth of the group following the acquisition of Filta and Pirtek Europe.
The multi-brand franchise business said Monday that it will introduce a two-tier organization, whereby the board of directors will be streamlined to five directors, and separate management board will be created below.
The board will comprise two executive directors, Chair Stephen Hemsley and Chief Financial Officer Mark Fryer, three nonexecutive directors and two independent nonexecutive directors.
The management board will comprise the divisional managing directors, being responsible for the daily operational and financial management of the business.
The changes will have effect from Oct. 2.
The company said it will appoint a new chief executive of Pirtek Europe as Alex McNutt had decided to resign to pursue other opportunities.
The company currently has seven franchise brands in 10 countries.
Write to Michael Susin at [email protected]
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