Embattled Swiss dairy and infant formula group Hochdorf has suffered another blow with the news that Frank Hoogland, the managing director of its Baby Care division, is quitting the company.
Hochdorf, which warned in August it is “in the grip of a serious crisis,” said in a statement today (1 October) the company’s board of directors and management “regret” [Hoogland’s] resignation”.
Hoogland, who will leave Hochdorf at the end of March 2020, was a member of the company’s management board.
He took over running the Baby Care division at the beginning of 2017 after previously being the company’s head of global marketing and sales.
In August, Hochdorf announced a “massive collapse of earnings” in the first half of the year.
It said its problems were linked to the “negative performance” of its 51%-owned subsidiary Pharmalys, a Switzerland-based infant formula maker over which it has now taken direct control.
In the six months to 30 June, Hochdorf recorded a loss of CHF63.6m (US$64.8m at the prevailing exchange rate), compared to a loss of CHF2.2m in the same period in 2018, while net sales amounted to CHF242.9m, against CHF281.6m.
Hochdorf said in July it planned to focus its operations on the baby food market following a business review in May.