Gudmundsson, who help found the company 36 years ago, will retire with effect from 31 October 2022.
Commenting on the announcement, chairman Simon Burke said: “The founding and building of Bakkavor by Agust, along with his brother Lydur and their colleagues, has all the hallmarks of a great entrepreneurial endeavour.
“It has created a first-class business with strong market positions and great opportunities, one of the global leaders in its sector. Vision, courage, steadfastness, loyalty and the highest standards of professionalism have all been key elements of Agust’s leadership. I have been proud to work with him and am very glad that we will continue to benefit from his input as a member of our board.”
Gudmundsson’s successor
The board has appointed current chief operating officer UK Mike Edwards as Gudmundsson’s successor starting 1 November 2022.
Edwards said: “Joining the business over 20 years ago as a manufacturing manager at one of our pizza factories, I never expected to have the honour of being appointed CEO of Bakkavor.
“Whilst this is a particularly challenging environment, I absolutely believe challenges create opportunities and we are incredibly well placed, as a Bakkavor team, to move forward positively and purposefully delivering for colleagues, customers and shareholders.”
Edwards has served as chief operating officer for the company’s UK business since 2014, a role he took after spending 13 years with the business across a number of roles. He joined the board of directors in December 2020.
Bakkavor’s operations
Bakkavor has employs 19,000 colleagues across 46 sites in three markets supplying a portfolio of more than 3,200 products across meals, pizza & bread, salads and desserts to leading grocery retailers in the UK and US and international food brands in China.
Gudmundsson added: “After 36 years at the helm, I am incredibly proud of the company we have built and the teams and people I have worked with during this time. The past few years have demonstrated the strength and resilience of Bakkavor and I am confident of the Group’s success for the future.
“I am particularly pleased that Mike will be spearheading the Group’s future direction. He has provided trusted counsel to me for over 15 years and has delivered both growth and stability in the most challenging of environments. I wish him all the very best success in this new role and opportunity.”
