Core Insights - Jon Jenkins is stepping down as CEO of Hovis after three years, with his departure following the acquisition of Hovis by Associated British Foods (ABF) from private-equity firm Endless [1][2] - The executive board of Hovis will continue to guide the company's strategic direction, focusing on delivering high-quality products and services to retailers and consumers [2] Company Leadership Changes - Jon Jenkins joined Hovis in 2022 from a senior role at ABF and expressed pride in the achievements during his tenure [3] - Aidan Robson, managing partner at Endless, acknowledged Jenkins' leadership during a challenging period marked by raw material inflation [2][3] Acquisition Details - ABF's acquisition of Hovis is aimed at creating a profitable and sustainable UK bakery business, enhancing innovation and growth while providing value for shareholders [4][5] - The financial terms of the transaction have not been disclosed, and the deal is pending approval from the UK's Competition and Markets Authority (CMA) [4] Financial Performance - ABF reported a 2% decline in sales to £9.51 billion ($12.94 billion) for the 24 weeks ending March 1, with adjusted operating profit down 12% to £835 million [5] - Profit before tax fell 21% to £692 million, indicating challenges within the overall group performance [5]