GreenSpace Brands - new CEO named

GreenSpace Brands - new CEO named

Canadian plant-based food group GreenSpace Brands has named Dole Food Co. executive Shawn Warren as its new CEO and president.

Warren replaces Paul Henderson who has been serving as interim CEO since last July and says he is looking forward to addressing the "challenges" facing the business which saw its revenues decrease by 27.9% in its fiscal year 2020.

He is an experienced food industry executive having previously worked in senior roles in North America and Asia. He has been president of Asia packaged foods at Dole and senior vice president strategy, Asia-Pacific at Mondelez International.

Warren, who takes up the role on Monday (5 April), has also led various businesses for Kraft Canada.

Henderson, speaking on behalf of Toronto-based GreenSpace's board of directors, said: "We are thrilled with Shawn's decision to join and lead GreenSpace into the future and we have faith in him and his abilities to set a trajectory for our company that delivers the value that our shareholders are looking for." 

Henderson will resign his position as executive chairman but will serve as chair of the board of directors.

Warren said: "Over my career to date, I have focused on driving profitable growth and creating shareholder value with smart investments in a company's existing brands while quickly eliminating complexity and costs. I am confident that we will realise GreenSpace's strategic objectives, deliver sustained profitable growth and create tremendous value for the business.  

"I look forward to quickly addressing the challenges facing the business today and I look forward to working closely with the GreenSpace team to set and deliver a path forward that will enhance value for consumers, customers and for all shareholders."

GreenSpace manufactures predominately plant-based food products within the natural and organic segments.

It owns Love Child Organics, which makes organic food for infants and toddlers, Central Roast, a "clean snacking" brand focused on nut and seed mixes and plant-based alt-dairy brand Go Veggie.

In January last year GreenSpace Brands said it planned to sell shares via a private placement and restructure its debt following a five-month strategic review process.

Henderson's interim CEO appointment was announced in July following the resignation of Matt von Teichman.

In September the company announced it had restructured its debt, renegotiating the terms of its loan with Primary Capital and entering into a new credit facility with Pivot Financial.

In October, GreenSpace reported annual financial results that showed revenue of CAD49.1m (US$39m), a 27.9% decrease over the prior year.

Last month, accounts for the company's latest financial year included a 39% fall in third-quarter revenues to CAD6.9m. Adjusted EBITDA was CAD2.2m, down from CAD3.7m 12 months earlier.