Dairy Crest Parts Company With MD

The executive managing director of Dairy Crest’s Dairies division has stood down from the board. Martin Oakes is leaving Dairy Crest after almost two years with the company. His position on the board will not be replaced.

Oakes, who joined Dairy Crest from Somerfield in February 2007, has stepped down from the board of directors with immediate effect but will leave the company on 31 January.

In November the company’s shares soured after it issued a profits warning, due, partly, to weaker returns from dairy ingredients. Operating profit in its dairies division had fallen to £2.7m in the six months to 30 September from £13.5m the year before because of higher input costs.

The company responded by announcing it's determination to drive costs out of both distribution and manufacturing in the Dairies division.