New Campofrio CEO named

New Campofrio CEO named

A new chief executive has been appointed at Campofrio days after a deal was struck that is set to see Mexico's Sigma Alimentos and China's Shuanghui International take joint control of the Spanish meat group.

Fernando Valdés will replace Robert Sharpe as chief executive of Campofrio, effective today (2 January). Sharpe will remain on the Campofrio board, the company said.

Campofrio revealed the appointment was made on the recommendation of chairman Pedro Ballvé, part of Campofrio's founding family and one of the architects behind a solo takeover approach launched by Sigma in November. The takeover move was blocked when Shuanghui - which picked up a 37% stake in Campofrio as part of its acquisition of Smithfield Foods last year - proved unwilling to give up its holding in Campofrio.

The firms announced a deal to jointly run Campofrio in late December. Sigma will hold a 44.72% stake in Campofrio, while Shuanghui will own 36.99%. The Mexican firm will appoint four members to Campofrio's board, while Shuanghui will nominate three.

Announcing the management change, Ballvé said the move demonstrated the new owners' "support for the existing management team". Valdés joined Campofrio in 2005 as general manager for Campofrío España. Since then, he has served as CEO for Campofrio's operations in Spain and Portugal and in 2012 he was appointed president of markets at the meat firm.

Show the press release

Fernando Valdés appointed CFO of Campofrío Food Group
• Effective 2 January, 2014
• Appointment underpins support for existing managment team

Madrid, 30 December 2013. Campofrío Food Group (CFG), one of the largest companies in the processed meat sector, has, at its Board Meeting held today, appointed Fernando Valdés as CEO, following the recommendation of the group's Chairman. The appointment will take effect 2 January 2014.

"I am thrilled to announce this appointment. Fernando has an extensive and successful career in the consumer goods industry and his accomplishments at CFG are significant. This appointment demonstrates clearly support for the existing management team. Fernando's extensive experience and track-record is a guarantee as he heads up our Company, which, without a doubt, will help to address successfully the challenges and opportunities going forward." Commented Pedro Ballvé, Chairman, CFG.

Fernando Valdés, with a degree in Chemistry, has extensive experience in the consumer goods industry in companies such as Unilever, where he was General Manager of Elida Gibbs and later of Home Care & Personal Care. In 2005 he joined Campofrío España as General Manager to later become the Chief Executive Officer for Spain and Portugal. In 2012 he was appointed President of Markets of the group.
Robert Sharpe, CEO of Campofrio Food Group from 2009, will remain as a member of the Board of Directors ofCFG.

Original source: Campofrio Food Group