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.
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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.
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