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Perich family pays high price for Freedom

Perich family pays high price for Freedom

The billionaire Perich family installed one of their own this week as chief executive of Freedom Foods, which is trying to get to the bottom of a $60 million inventory bungle.

Michael Perich was this week made interim chief executive of Freedom Foods. 

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Even in the midst of a major corporate clean-up, flying in a team of Sydney auditors to a regional Victorian town just as Melbourne's second COVID-19 wave gathered pace was a sure sign this was not business as usual.

The Sydney-based PwC team, all braced to quarantine on their return home, were headed to Freedom Foods' Shepparton warehouses, just two hours from Melbourne. They were on a mission to find out exactly how the ASX-listed company let $60 million of UHT milk and cereals go off, forcing the company to destroy the stock.

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Jemima Whyte
Jemima WhyteSenior reporterJemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
Carrie LaFrenz
Carrie LaFrenzSenior reporterCarrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com

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Original URL: https://www.afr.com/companies/retail/perich-family-pays-high-price-for-freedom-20200723-p55etv