SunOpta Announces CEO Transition
February 26 2019 - 6:30AM
Business Wire
SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL)
(TSX:SOY), a leading global company focused on organic,
non-genetically modified and specialty foods, today announced the
termination of David J. Colo as President, Chief Executive Officer.
Mr. Colo’s service as a member of SunOpta’s Board of Directors is
also terminated. Current SunOpta Director Katrina L. Houde, a
SunOpta director since 2000, will serve as Interim CEO to
facilitate an orderly transition. The Board of Directors has formed
a CEO search committee and has engaged an executive search firm to
identify Mr. Colo's successor.
"On behalf of the Board of Directors, I would like to thank
David for his contributions to SunOpta and wish him well in his
future endeavors," said Dean Hollis, Chairman of the Board of
Directors. “Over the last two years, the foundation of the Company
has been strengthened, and SunOpta is now through the first phase
of the Value Creation Plan. The Board is moving quickly to identify
the next CEO who will accelerate our efforts to drive long-term,
sustainable, shareholder value through the Value Creation Plan. In
the interim, I am confident that our talented senior leadership
team will continue to execute on our key strategic objectives.”
“I thank the Board for entrusting me with the Interim CEO role,”
said Houde. “My 18 years as a director and my previous Interim CEO
experience at SunOpta should help provide for a seamless
transition. During the transition, the Board and I will take full
advantage of available resources to continue our progress in the
Company’s go-to-market strategy, process sustainability, and
operational excellence initiatives.”
Added Hollis, “Since 2016, SunOpta has made substantial progress
in its transformation. The Company has exited and sold unprofitable
and non-core business lines, made significant investments in food
safety and quality, and has returned the Company to growth. This
meaningful advancement has been driven by the world-class team at
SunOpta, and the Board and I are grateful for their continued
efforts. In the next phase of our transformation, we intend to
relentlessly drive growth and enhance productivity in our core
Consumer Products platforms, while maintaining our leadership
position in global organic ingredients sourcing. SunOpta remains
well aligned with consumer trends towards organic and non-GMO
foods, and the Board and I are confident in the Company’s long-term
outlook.”
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on organic,
non-genetically modified ("non-GMO") and specialty foods. SunOpta
specializes in the sourcing, processing and packaging of organic
and non-GMO food products, integrated from seed through packaged
products; with a focus on strategic vertically integrated business
models. SunOpta's organic and non-GMO food operations revolve
around value-added grain, seed, fruit and vegetable-based product
offerings, supported by a global sourcing and supply
infrastructure.
Forward-Looking Statements
Certain statements included in this press release may be
considered "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation, which are based on
information available to us on the date of this release. These
forward-looking statements include, but are not limited to, our
ability to accelerate efforts through the Value Creation Plan, our
ability to enhance productivity in the Consumer Products platforms,
our ability to quickly identify a successor CEO and provide for a
seamless transition. Terms and phrases such as “believe”, “should”,
“continue”, "expected", "plans", “will” and other similar terms and
phrases are intended to identify these forward-looking statements.
Forward looking statements are based on information available to us
on the date of this release and are based on estimates and
assumptions made by the Company in light of its experience and its
perception of historical trends, current conditions and expected
future developments as well as other factors the Company believes
are appropriate in the circumstances. The Company makes no
representation that reasonable business people in possession of the
same information would reach the same conclusions. Whether actual
timing and results will agree with expectations and predications of
the Company is subject to many risks and uncertainties including
failure or inability to implement portfolio changes, operational
improvements, go-to-market improvements and process sustainability
strategies in a timely manner as well as other risks described from
time to time under "Risk Factors" in the Company's Annual Report on
Form 10-K and its Quarterly Reports on Form 10-Q (available at
www.sec.gov). Consequently, all forward-looking statements made
herein are qualified by these cautionary statements and there can
be no assurance that the actual results or developments anticipated
by the Company will be realized.
Source: SunOpta Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20190226005270/en/
Scott Van WinkleICR617-956-6736scott.vanwinkle@icrinc.com
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