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May 30, 2019

GreenSpace Brands shakes up business structure

Canada-based dairy, dairy alternatives and convenience meats supplier GreenSpace Brands has completed moves to introduce "brand-level autonomy" within the business.

By Dean Best

Canada-based dairy, dairy alternatives and convenience meats supplier GreenSpace Brands has made more changes to the way it structures its business, with the latest moves designed to introduce “brand-level autonomy”.

The company, which also offers organic baby food, nut and seed mixes and cold-press juices, also announced the departure of COO Aaron Skelton.

In January, GreenSpace said it was setting in train changes to its business model to place “less emphasis” on shared services and increase the focus on the performance of individual brands. At the same time, the company announced the sale of its Rolling Meadow Dairy brand.

Yesterday (29 May), GreenSpace said it completed the final phase of its restructuring, which created three new brand-level president roles.

In addition, GreenSpace has cut eight roles within the company, “most of which are either brand level senior marketing positions or senior leadership positions within the platform”, it said.

Matthew von Teichman, GreenSpace’s CEO, said: “The final phase of this restructuring has been the most challenging phase as we have now switched our model over completely from a shared operating structure to brand-level autonomy. The shift to a brand-level operating structure will bring not only streamlined decision making but a much higher level of accountability to the bottom line across the entire organisation.

“Aaron’s departure will be a particularly large adjustment for the team as he’s been a critical element in the growth of the business and in our success over the last few years. We wish him well with whatever comes next in his very bright future.”

Chris Renner has been appointed the president of snacks brand Central Roast in addition to his role as head of Canadian sales.

Scott Riddle has been named president of Galaxy Nutritionals, the business acquired by GreenSpace in 2017 and which houses the plant-based brands Go Veggie and Riot Eats. Riddle joined the company in August 2018 after 18 months at snacks firm Bounce Foods and had been GreenSpace’s vice president for sales and marketing.

GreenSpace said it is looking for a president for its Love Child Organics baby food brand.

Last week, GreenSpace named Stuart Pasternak as its new CFO.

In the nine months to 31 December, GreenSpace generated net revenue of CAD54.1m (US$40.1m), up from CAD39.8m a year earlier. 

GreenSpace’s gross profit rose almost 50% but it posted a net loss from operations before income taxes of CAD10.2m – versus CAD1.8m a year ago – amid a jump in a variety of expenses.

The company made a net loss for the period of CAD9.6m, against a net loss of CAD1.5m in the first nine months of the previous financial year.

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