Landec CEO Establishes Priorities for Increasing Profits
“Our mission to develop and deliver innovative profitable products will not change,” stated Bolles. “Specifically, the
Bolles Shares His Forward-Looking, Action Plan To Drive Profitable Growth
With a focus on improving profitability in the
- Focus: Manage fewer, high-impact projects that will drive positive EBIDTA growth.
- Innovation: Commitment to the consumer with on-trend plant-based food with 100% clean-ingredients from Curation Foods’ core platforms: Eat Smart® salads and green beans, Cabo Fresh® and Yucatan® avocado products, and O Olive Oil & Vinegar® premium artisan products.
- Productivity: Deliver ongoing savings by creating a culture of trust, respect and continuous improvement by clarifying people’s roles and building highly-accountable, productive teams.
- Operational Excellence: Commitment to the customer by implementing an enterprise-wide operations management system to improve efficiencies throughout the supply chain and operations, with a concentration on network optimization. Initial focus will be on the integration and improvement of
Yucatanand Cabo Freshoperations in Mexico.
- Sustainability: As a mission-based company, continuing to institute and follow business practices that respect people and the planet as part of everyday culture through evolving goals and publishing achievements, will further differentiate the company in the market.
“We transformed our food business from a packaged, fresh vegetable company to a higher-margin, natural foods business. Curation Foods’ existing mission paves the way for future growth. The actions we have taken in the last 30 days will focus the business and accelerate profitability,” said Bolles. “Specifically within the
Bolles Takes Immediate Steps to Bolster Food Business
Bolles has taken the following swift actions in support of Curation Foods’ strategic pillars in his first 30 days in office:
- Brand Focus: Immediately discontinued the Now Planting® brand, re-packaged its GreenLine® green bean food service products to the Eat Smart brand and closed the EatSmart@home ecommerce business.
- Operational Optimization: Launched an internal network optimization project focused on logistics and resource consolidation across all operations and locations. The first action was closing and putting up for sale the
Curation Foodsoffices in San Rafael, CAand designating the Santa Mariaoffices as the new headquarters where Bolles will be located.
- Strategic Hires: Hired a new senior vice president of supply chain,
Tim Burgess, whose initial focus will be on improving operations, driving efficiencies and reducing costs.
Financial Impact of these Changes on Fiscal 2019
None of the above mentioned changes impacted revenues in fiscal 2019. Revenues in the
“These immediate actions to realign and simplify our
Important Cautions Regarding Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the timing and expenses associated with operations, the ability to achieve acceptance of the Company's new products in the market place, weather conditions that can affect the supply and price of produce, the timing of regulatory approvals, the ability to successfully integrate
|At the Company:||Investor Relations:|
|Gregory S. Skinner||Jeff Sonnek|
|Executive Vice President and CFO||(646) 277-1263|
Source: Landec Corporation