Calavo Growers, a prominent player in the US produce industry, has appointed its former finance chief, B. John Lindeman, as the new CEO.
Lindeman will take over from Lee Cole, who is set to retire as president and CEO on December 8.
Established in 1924, Calavo processes and distributes avocados, tomatoes, and papayas, in addition to offering guacamole under the Calavo brand.
Kathleen Holmgren, chair of the board of directors at Calavo, stated: “On behalf of the Board and the entire Calavo family, I want to express our deep gratitude to Lee for his decades of outstanding leadership and his many contributions that helped Calavo become a trusted name in fresh and prepared foods.”
She added: “He led the company through multiple market cycles, strengthening our operational foundation and expanding our global reach. Lee’s disciplined approach and focus on performance have set a high standard for our industry.”
Most recently, Lindeman served as CEO of Hydrofarm Holdings Group, which manufactures and distributes branded hydroponic equipment and supplies for controlled-environment agriculture.
After almost five years as Calavo’s CFO, he joined Hydrofarm in 2020 as finance chief and was promoted to CEO and board director in January.
Holmgren, who assumed her role as chair last month, remarked: “We’re very pleased to welcome John back to the executive team. He knows this company well from his time as CFO and as a current board member. John brings deep industry knowledge, strategic insight, and significant experience in mergers and acquisitions that will serve Calavo well in advancing our strategic priorities.”
Lindeman commented: “With the dedication and expertise that define Calavo’s culture, we are well positioned to deepen partnerships, drive growth, and create sustainable value for our shareholders.”
In conjunction with Lindeman’s appointment, Calavo provided an update on the takeover interest it received in June from an undisclosed party.
The company noted it is “evaluating all strategic alternatives” and emphasized that “the review process remains ongoing and may or may not result in a transaction. Calavo does not intend to comment further unless a specific development warrants disclosure.”
For the fiscal third quarter ending July 31, 2025, Calavo reported net sales of $178.8 million, down 0.4% year over year.
Fresh segment sales were $155.9 million, a 5% decline, while prepared segment sales surged 40% to $22.9 million.
Operating income decreased 7.5% to $8.6 million, with net income reported at $4.7 million, contrasting a loss of $762,000 a year earlier.
For the nine months ending July 31, net sales reached $523.7 million, reflecting a 6.5% increase from the prior-year period.
Fresh segment sales rose 6% to $470.3 million, while prepared segment sales grew by 10% to $53.5 million.
Additionally, operating income climbed 55.6% to $21.3 million, with net income improving to $16.1 million, up from a loss of $920,000 in the year-ago period.