The Simply Good Foods Company has re-appointed former CEO Joe Scalzo as its chief executive.
Scalzo had been Simply Good Foods’ CEO for six years up to July 2023 when he was succeeded by Geoff Tanner and moved to the role of executive vice chairman, a position he held for 13 months.
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In a statement today (20 January), the Quest brand owner said Scalzo was returning to the helm “effective immediately” and would “oversee a new chapter at Simply Good Foods focused on reigniting growth and improving profitability across the business”.
In the year to the end of August, Simply Good Foods generated net sales of $1.45bn, up 9% on the previous 12 months. However, its net income stood at $103.6m, down from $139.3m a year earlier.
Last week, the company recorded a 0.3% decline in first-quarter net sales to $340.2m amid lower sales from its Atkins and Owyn products. Net income fell more than a third to $25.3m.
Chairman James Kilts said: “Joe is a visionary in our industry widely admired by our team and partners alike for his role as the key architect of the business over the course of the last decade. We are pleased to welcome him back as we embark on a new chapter of driving growth and creating value for our stockholders. We greatly appreciate Geoff’s contributions in helping Simply Good Foods navigate a dynamic operating environment while keeping the company positioned for success.”
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By GlobalDataThe business is forecasting its net sales could rise by 2% in its current financial year but also estimates they may fall by the same amount.
It is also projecting its annual adjusted EBITDA will be at best up 1% and at worst down 4%.
Scalzo said: “I am energised to be returning home to Simply Good Foods at this critical moment. Together with our exceptional team, we have a clear view of the mission in front of us to secure Simply Good Foods’ leadership in innovation and product quality while ensuring best-in-class execution. I have tremendous belief in the proven power of this platform and in its potential to stay on the leading edge of the nutritional snacking landscape.”
