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Siobhan Talbot and Jim Bergin, the CEOs of Glanbia plc and Glanbia Ireland respectively, were absent from an emergency meeting of the Glanbia shareholders’ council on Friday.
It is understood both were unable to attend due to individual family matters.
The meeting was scheduled for next Friday but was brought forward a week to discuss the half year results which were announced on Wednesday.
A profit warning was issued to the stock market as earnings per share are expected to be less than forecast.
Adjusted earnings per share for the first six months was 36.69c, down almost 11% on a constant currency basis. Its performance nutrition earnings fell 30.2%.
Shares down
Glanbia plc share price has tanked since the announcement. Glanbia shares are now down 40% from highs of €19 in March.
This is the lowest level Glanbia shares have traded at since October 2014.
More than €2.3bn has now been wiped off the value of Glanbia plc since March. With Glanbia Co-op owning 31.5% of the plc, that sees the co-op taking a €800m hit on the value of its stake in the plc.
Talbot is normally present for council meetings where Glanbia plc results are discussed.
Funeral
According to a source who was at the meeting, both CEOs sent their apologies and it was explained to the meeting that Talbot had to attend a family funeral. A number of Glanbia board members were also absent.
Glanbia shares closed at €11.63 per share on Friday evening.
Additional reporting by Eoin Lowry.
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