London / UK. (abf) Food, ingredients and retail group Associated British Foods PLC (ABF) announces that Peter Smith is retiring as a non-executive director of the Company, having served nine years as a member of the board. The board would like to thank Smith for the significant contribution he has made during his tenure, well beyond his leadership of the Audit Committee.
In accordance with section 430(2B) of the Companies Act 2006, the Company confirms that Smith will receive payment of fees for service up to the date of his leaving but that no other remuneration payment or payment for loss of office will be made in connection with his departure.
The Company also announces that Richard Reid has been appointed as a non-executive director of the Company. Reid joined the board with effect from 14 April 2016. He will succeed Smith as Chairman of the Audit Committee.
Reid was formerly a partner at KPMG LLP, having joined the firm in 1980. From 2008, he served as London Chairman at KPMG until he retired from that role and KPMG in September 2015. Previously, Reid was KPMG’s UK chairman of the High Growth Markets Group and chairman of the firm’s Consumer and Industrial Markets group.
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