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Midsona CEO Peter Åsberg Set to Depart from Swedish Food Company

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Peter Åsberg plans to step down as CEO and president of the Swedish food group Midsona. However, he will remain during the transition period until a suitable replacement is found.

Åsberg highlighted in a statement: “Since I started as CEO in 2007, Midsona has developed from a local niche player focusing on dietary supplements into a leading European group in healthy and sustainable food.”

Moreover, he remarked, “After a couple of challenging years, the group has made clear progress in 2024, and I feel that it is the right time for me to pass on the baton.”

Consequently, Midsona’s board will initiate the process of selecting a successor to Åsberg.

In conjunction with the CEO announcement on January 31, the snacks, spreads, and seasonings business disclosed its financial results for 2024. Notably, it reported organic growth that fell well below the new annual targets established early last year.

Last March, Midsona laid out a strategy aiming for organic growth between 3%-5% annually, contrasting sharply with a previous target exceeding 15%.

For 2024, Midsona reported a 0.7% decline in organic revenue, a notable improvement from the 6.6% decrease observed the previous year. Moreover, sales decreased by 1.7%, totaling Skr3.72bn ($337.3m).

In contrast to previous losses, net profit rose to Skr47m, a significant recovery from a Skr53m loss a year prior. Additionally, diluted EPS showed positive growth, reaching Skr0.33 after a previously reported loss of Skr0.36.

Operating profit also improved, escalating to SKr128m from a Skr29m loss.

Looking ahead to the upcoming year, Åsberg noted, “As inflation normalises and interest rates in our core markets fall, purchasing power is set to increase, enhancing interest in sustainable and healthy food.”

He further commented, “In such a situation, Midsona is well positioned to achieve organic sales growth with strong margins.”

Commenting on Åsberg’s planned departure, Midsona’s board chairman Patrik Andersson stated, “The last few years have undoubtedly been challenging. Under Peter’s leadership, Midsona has regained its position as a profitable company while continuing to focus on growth.”

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