Saputo’s newly-appointed chief operations officer Frank Guido is to step down for unstated personal reasons, the dairy giant has announced.
Carl Colizza, Saputo’s CEO and president, will assume the duties of COO on an interim basis.
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Guido became COO at the Canadian dairy group in September when Colizza made changes to his executive team.
Colizza had only become CEO and president the month before, moving from the positions of president and COO of Saputo’s North America business division.
He replaced long-serving chief executive Lino Saputo Jr., who moved to a new position to provide “strategic oversight” to the rest of the group’s management team.
In a statement announcing Guido’s appointment, the company said his promotion from the president and COO of Saputo’s US dairy unit would see him overseeing the company’s global operations, encompassing North America, Europe and the international division.
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By GlobalDataAll the divisional presidents and COOs would report to Guido, Saputo said at the time.
Reporting its fiscal second-quarter financial results on 7 November, Saputo revealed it had achieved revenues of C$4.7bn ($3.26bn), up 8.9% year-on year. The growth was due to improved sales volumes and higher domestic selling prices.
However, the company’s net income was down from C$156m 12 months earlier to C$126m. Adjusted EBITDA dropped 2.3% to C$389m. Saputo pointed to higher production costs in its International division.
