Greggs Names Ben Waldron CFO as Richard Hutton Retires

Greggs PLC announced the appointment of Ben Waldron as its new Chief Financial Officer on July 1, 2026. He will succeed Richard Hutton, who is retiring after serving as CFO since 2020. Waldron is scheduled to join the board and assume the CFO role on October 14, 2026, following a handover period. The announcement was made via a regulatory filing from the FTSE 250 bakery chain, which operates over 2,400 shops across the UK.

Context — why this CFO change matters now

Executive transitions at high-profile UK retailers are closely monitored for strategic signals. Richard Hutton's tenure as CFO began in May 2020, a period marked by navigating the COVID-19 pandemic and its aftermath. Under his financial leadership, Greggs saw its market capitalisation grow from approximately £2.2 billion to a peak near £3.8 billion in early 2025, despite significant commodity and wage inflation.

The change occurs amid a challenging macroeconomic backdrop for the UK consumer sector. The Bank of England's base rate remains at 5.25%, sustaining pressure on discretionary spending. Greggs has maintained its value-focused proposition, but input cost inflation for ingredients and energy continues to pressure margins.

Hutton's retirement follows a period of sustained expansion, including the successful rollout of evening hours and delivery partnerships. The appointment of Waldron, with his background at a broader retail group, suggests a focus on optimising the next phase of growth and operational efficiency.

Data — what the numbers show

Greggs's financial performance provides the backdrop for this transition. The company reported revenue of £1.9 billion for the 2025 financial year, a 12% increase from the previous year. Like-for-like sales grew 8.2% in the first 19 weeks of 2026, though this was partly driven by price increases.

Pre-tax profit for FY2025 was £181 million, reflecting a net profit margin of approximately 9.5%. The company's operating margin has compressed slightly, from 10.5% in 2023, due to rising costs. Greggs employs roughly 25,000 people across its estate of 2,473 shops as of the end of 2025.

Metric	Under Hutton's Tenure (2020-2026)
Market Cap Change	+£1.6 billion (approx.)
Shop Expansion	+~300 net new locations
Revenue Growth (FY2020-FY2025)	+65%

Compared to the FTSE 350 General Retailers Index, which is down 4% year-to-date, Greggs's shares have shown relative resilience, declining only 2% over the same period.

Analysis — what it means for markets / sectors / tickers

Ben Waldron's appointment is viewed as a continuity candidate with a potential bias towards operational rigour. His experience as Group Finance Director at WH Smith PLC, a retailer with a significant travel presence, may bring expertise in high-footfall, concession-based growth. This aligns with Greggs's strategy to expand in transport hubs and retail parks.

The move could be marginally positive for Greggs's stock [GRG] as it reduces execution risk associated with a leadership vacuum. Conversely, it may present a minor headwind for WH Smith [SMWH], which now loses a senior executive. Investors in the UK hospitality and leisure sector, including competitors like SSP Group [SSPG] and Restaurant Group [RTN], will watch for any shift in Greggs's competitive tactics.

A key risk is that an internal focus during the handover period could slow decision-making on pricing and expansion, a critical vulnerability in the current inflationary environment. Institutional flow data suggests a neutral positioning on GRG, with no significant build-up in long or short interest ahead of the announcement.

Outlook — what to watch next

The immediate catalyst is Waldron's official start date on October 14, 2026. Investors will monitor his commentary during the Q3 trading update, typically released in early October, for any tonal shifts in financial strategy.

The next key milestone is the release of Greggs's half-year results for 2026, expected in late July. Analysts will scrutinise margins and any updated guidance for the full year. The Bank of England's next monetary policy decision on August 6 will also be critical, as any change in interest rates directly impacts consumer spending power.

Technical levels to watch for GRG share price include a support zone around £28.50, its 200-day moving average, and resistance near £32.00, the stock's year-to-date high.

Frequently Asked Questions

Who is the new CFO of Greggs?

Ben Waldron is the newly appointed Chief Financial Officer of Greggs. He joins from WH Smith PLC, where he served as Group Finance Director. Prior to WH Smith, Waldron held senior finance roles at Dixons Carphone and PepsiCo. His career history suggests deep expertise in retail finance, supply chain management, and multi-site operations, which are directly applicable to Greggs's business model.

When did the previous Greggs CFO retire?

Richard Hutton retired from his role as CFO of Greggs in October 2026, coinciding with Ben Waldron's start date. Hutton had been with the company for over a decade, initially joining in 2013 as Head of Finance before being appointed to the board as CFO in May 2020. His tenure covered a period of significant transformation, including the pandemic recovery and the chain's rapid store expansion programme.

How do CFO changes typically affect a company's stock price?

Academic studies show the market reaction to a CFO change is generally muted unless it signals broader instability. A planned succession with a qualified external hire, like Greggs's appointment of Waldron, typically results in minimal immediate share price impact. Negative reactions are more common when a departure is sudden or follows poor results, or if the incoming CFO lacks relevant industry experience, none of which apply in this case.

Bottom Line

Greggs secures experienced retail finance leadership to steer its next growth phase amid economic headwinds.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.