TORONTO--(BUSINESS WIRE)--Feb. 26, 2019--
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190226005270/en/
Source: SunOpta Inc.
Scott Van Winkle
ICR
617-956-6736
scott.vanwinkle@icrinc.com