View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 25, 2022

Former Nestlé executive Matthew Hall takes interim CEO role at The Very Good Food Company

He replaces co-founder and CEO Mitchell Scott who left the loss-making business at the start of this month.

By Andy Coyne

Canadian plant-based start-up The Very Good Food Company has appointed former Nestlé executive Matthew Hall as interim CEO.

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

He replaces co-founder and CEO Mitchell Scott who left the loss-making business at the start of this month.

Hall, who also joins the company’s board of directors, was managing director and CEO of the food, coffee and beverages division of Nestlé UK. Before that role he was senior vice-president, global marketing communications and sales at Nestlé’s global headquarters in Switzerland.

The Very Good Food Company described him as an executive with a “demonstrated track record for implementing sustainable change in marketing, sales, and corporate strategies”. He takes up the reins at the company on 2 May.

In another executive change, The Very Good Food Company – owner of The Very Good Butchers and Very Good Cheese Co. brands – has announced it has accepted Ana Silva’s resignation both from the board and her positions of president, interim CFO and corporate secretary, effective immediately.

In a statement on Hall’s appointment, the company’s board said: “Matt Hall brings knowledge, professionalism, and passion to the company, his expertise is aligned with our refocused strategy which is centred around sustainable growth and profitability coupled with operational excellence.”

Hall said: “With its excellent products and brand, Very is poised to be a leader in the growing plant-based market.”

The company was co-founded by Scott and James Davidson in 2016. Davidson also left the business this month.

The Very Good Food Company went through an IPO but the business has not posted a profit since its founding. It recently revealed a CAD54.6m (US$42.8m) loss for the year to 31 December, widening from a CAD13.9m loss.

In March, the firm announced it would “establish a path towards profitability” amid plans to reduce headcount, pause “non-critical” capital investment and cut production due to excess inventory, which Very Good put down to supply chain issues and retailer resets.

The Very Good Food Company operates out of two factories in Canada and one in the US.

Related Companies

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food