Hochdorf has brought in Jürgen Brandt as finance chief of the under-pressure Swiss dairy and infant-formula producer, with existing CFO Marcel Gavillet set to move into a new function.
Brandt will take up the CFO reins on Monday (18 November) and will also be a member of the executive board, the company said in a statement. Gavillet will “take over special projects in the area of finance”, it added.
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The incoming finance chief has been CFO of Von Roll Inova, Austrian Energy & Environment Group and Sulzer for the past 15 years and has also served as a temporary CFO for “various medium-sized companies since 2015”.
Hochdorf announced what it called a“collapse in earnings” in August as it reported a CHF63.6m (then US$64.8m) first-half loss having initiated a business review in May. The outcome of that was a decision to exit its cereal and ingredients operations, although some parts would be integrated into its dairy business.
It also said it would review the future of its 51%-owned Africa-based infant-formula subsidiary Pharmalys, with options to include a sale or expansion. Hochdorf also previously announced it had sold its 90% holding in Hochdorf South Africa to African Chocolate.
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