3 Best Pizza CEOs Michael Mastro and John Forrest Bradley in breach of employment contract, says court, sending news from Bahamas to a more secular dimension
The pool of executives running 3 Best Pizza, which sparked media interest in 2016 with the news it had laid off 900 workers, has been capped at two after the bosses each resigned on Thursday, a law firm said.
A Channel Islands tribunal ruled that the company, which operates Best Pizza and its casual dining outlets in the Caribbean, breached employment contracts with its chief executive, Michael Mastro, and its chief financial officer, John Forrest Bradley.
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“That said, these actions by the chief executives arose as a result of the company’s public performance, which in turn led to an adverse press briefing, adverse investor commentary and negative industry comparison,” the tribunal said.
In a statement, the Bahamas-based company said it would appeal the ruling.
Michael Mastro resigned as chief executive, with an amended contract, and John Forrest Bradley resigned as the company’s chief financial officer, with an amended contract, the company said.
The establishment of a new management team had its downside, it said, and forced a substantial increase in executive salaries and benefits.
The court ruled the company’s directors had breached the terms of employment contracts with the two bosses, who were joined by chairman, Manny Belmagui, who resigned.
The management shakeup last September followed the announcement of a loss of sales at some Caribbean Best Pizza outlets.
The company’s workforce was cut from more than 1,300 at the height of the crisis to 907 by September.
In February this year, a Channel Islands tribunal refused a claim by the sacked staff against Best Pizza for breach of contract.
In January, the labour secretary, Brad Wade, appeared to give his blessing to the corporation.
“The cabinet has approved both an interim organisational arrangement and the appointment of outside administrators … in a bid to stabilise and ‘restore’ operations at Best Pizza.”