Retail Food Group paid some of its top brass lavish pay packets over the past 12 months even as its market value decimated from a high of $897 million to just $77 million during that time.

The revelations of hefty salaries and additional bonuses at RFG came as the embattled franchise chain which owns the Gloria Jeans and Donut King brands among other businesses announced on Friday it had appointed restructuring expert Peter George as its new chairman.

Former long time chief executive Tony Alford pocketed more than $7,000 for the three days he was a non-executive director. Credit:Fairfax Media

The massive loss of shareholder wealth during 2018 didn't stop the company from doling out some generous packages to exiting executives, including a handsome payment to controversial long time chief executive Tony Alford.

The handsome payments came after an exposé by Fairfax Media in December revealed RFG had a brutal business model that sent many of its franchisees to the wall financially, and that earnings of several of its brands had been going steadily backwards for years. The investigation also showed that underpayment of workers by struggling franchisees was rampant. RFG is the owner of franchise brands including Donut King, Brumby's Bakeries, Gloria Jean's Coffees, Crust Gourmet Pizzas, Di Bella Coffee and Pizza Capers.