SunOpta, a prominent Canadian plant-based food and drink producer, has appointed a new CEO to replace the retiring Joe Ennen, who served as the CEO since 2019. The company’s board of directors has announced that Brian Kocher will assume the position of CEO from 2 January. At the same time, Ennen is expected to continue supporting the company as an advisor to the board and Mr. Kocher until 1 April next year.
Kocher brings a wealth of experience in building intensive businesses in complex, multi-national organizations, having previously held leadership positions at global avocado distributor Calavo Growers, fresh produce specialists Castellini, and fruit giant Chiquita Brands. Presently, he is the chairman at agtech solutions group AgroFresh.
Dean Hollis, chair of SunOpta’s board of directors, expressed his gratitude to Ennen for his significant contributions to the company’s success. He also conveyed confidence in Kocher’s leadership, emphasizing that Kocher is the right leader to continue delivering long-term sustainable growth and value for shareholders.
In response, Ennen expressed his confidence in Kocher’s ability, endorsing him as the right leader to further drive the company’s growth and optimize its network. Kocher also affirmed his commitment to SunOpta’s mission of fueling the future of food under his leadership.
In the context of the company’s goals, SunOpta announced a long-term objective to double its revenue within the next five to seven years, focusing on plant-based drinks, better-for-you snacks, and nutrition beverages. However, the company adjusted its 2023 sales outlook after disappointing second-quarter results and sold certain assets of its frozen fruit brand to Canada’s Nature’s Touch for $141m.
According to Ennen, the company is well-positioned for its next phase of growth, reaffirming its Q4 outlook and 2024 forecast with confidence in the future. SunOpta’s 2024 fiscal year forecasts an 8-13% rise in revenue to $670-700m and a 14-21% jump in adjusted EBITDA to $87-92m.
In conclusion, SunOpta’s strategic leadership transitions and fiscal forecasts indicate a positive trajectory for the company’s long-term growth and value creation.
