Canada’s Lassonde Industries has named a new chief executive amid a reshuffle at the top of the agri-food business.
Current president and chief operating officer Vince Timpano will become CEO on 1 September, while current chief executive Nathalie Lassonde will transition to executive vice-president and co-chair of the Lassonde board.
In January 2025, she will become executive chair of the board and step down as executive VP.
Meanwhile, Pierre-Paul Lassonde, presently chairman of the board, will share his responsibilities as co-chair from September to January. He will thereafter continue to serve as a member of the board.
“Over the past few years, I have discovered an exceptional company with a group of very dedicated employees. I want to thank the Lassonde family and the Board for their confidence in me. I look forward to building on the heritage of this storied North American food and beverage company,” Timpano said.
Timpano has worked at Lassonde as COO since 2021, having previously held the CEO position of the company’s US subsidiary Lassonde Pappas and Co.
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“Vince has shown great vision, leadership and expertise in implementing a business strategy that will prove instrumental to our future growth. His alignment with our values, as well as extensive business experience, will serve him well in his new role,” Nathalie Lassonde said.
Lassonde is a food and drinks manufacturer that sells into retail, wholesalers and independent stores. Its portfolio includes sauces, soups, snacks, soft drinks and alcoholic beverages. It owns brands such as Canton, Good Bites and Friolento, and also provides private label.
The company revealed the reshuffle alongside its second-quarter results for fiscal 2024 where its sales jumped C$45.3m ($33m) to C$624.7m.
Operating profit rose C$8.7m year-on-year to C$50m, while adjusted EBITDA grew C$16m to C$74.6m.
Lassonde said it expects a sales growth rate in the mid-to-high, single-digit range for the remainder of the year.
Earlier this year, Lassonde said it had entered into an agreement to acquire Zidian Group, the business that operates Summer Garden Food Manufacturing, for $235m.
A further $45m may be payable over the next three years should certain financial targets be achieved and “other conditions met”, Lassonde said in a statement.
