Musgrave boss Chris Martin to retire

Chris Martin, long-standing chief executive of Ireland's biggest grocery player, Musgrave Group, is retiring.

The news came as Cork-based Musgrave, best known as owner of the Centra and Super Valu franchises, grew profits by 5.6 per cent last year to €84.5 million.

Mr Martin became chief executive of Musgrave in 2005. He led the group past a number of milestones, including the acquisition of rival Superquinn and the purchases last year of La Rousse Foods and Donnybrook Fair.

Chairman Nicky Hartery and the Musgrave board have begun searching for a successor. Mr Martin acknowledged that this would take several months.

Superdry founder cuts discounts following profit warning

---

Irish shoppers stayed loyal to House of Fraser during administration

---

Breege O’Donoghue named ‘Irish Times’ Top 1000 distinguished leader in business

---

National Lottery appoints ex-Paddy Power executive as new boss

---

“We have got some very good internal candidates and we will also look at external candidates,” he said.

Mr Martin added that his priority would be to oversee the smooth transition of the business to his successor.

He indicated that the next phase of his career would involve him working as a non-executive director.

“I am leaving at a time when we have got a very strong team in place that’s delivering,” he said. “It’s been a difficult decision but it’s time to move on to other things.”

Mr Hartery thanked Mr Martin for his “exceptional leadership as chief executive officer and his unstinting commitment to Musgrave over the past 14 years”.

Musgrave announced that in the 12 months ended December 29th 2018, turnover grew 3.8 per cent to €3.9 billion and it earned pre-tax profit of €84.5 million. Net assets grew €79 million to €410 million.