Whole Earth Brands, the US group behind Wholesome honey and Canderel sweetener, will see Albert Manzone leave his role as CEO next year.
Manzone, who has been a director at the company since 2016 and chief executive since mid-2020, is leaving on 1 January “to pursue other business opportunities”, a statement issued today (12 December) read.
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Whole Earth Brands director Michael Franklin has been named interim CEO. Franklin, a partner at US investment firm Mariposa, joined the Swerve snacks owner’s board in August.
Just Food has asked the company to confirm whether it plans to conduct a search for a permanent chief executive.
In the first nine months of 2022, the group generated “consolidated product revenues” of US$399.4m, up 10.6% on a year earlier. Operating income stood at $21.6m, compared to $16.4m in the prior-year period. Whole Earth Brands’ net income was $1.5m, versus $476,000 in the first nine months of 2021.
Whole Earth Brands is forecasting its net product revenues will reach $535-545m in 2022, which would amount to growth of 8-10% year on year.
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By GlobalDataFranklin said: “Looking ahead, the business remains well positioned heading into 2023. Through a combination of organic revenue growth, driven by new innovation and distribution, and our unrelenting focus on productivity, we continue to expect to generate positive free cash flow next year and improve our capital structure.”
Manzone added: “I am very proud of what our team at Whole Earth Brands has been able to accomplish, and I am confident in their ability to drive continued growth in the exciting sweetener category. I have enjoyed working with Mr. Franklin since he joined the board and I look forward to assisting him as he transitions into his new role.”
Irwin Simon, the former Hain Celestial CEO, is Whole Earth Brands’ executive chairman. He said the board thanked Manzone “for his service to Whole Earth Brands over the last seven years, including his contributions in taking Whole Earth Brands public and leading the company through the unprecedented challenges of the pandemic”.
Simon added: “Since Michael’s appointment to the board in August, he has immersed himself in the business and has made excellent contributions – his objective approach and experience working with organisations and their people to enhance operational efficiencies and focus on long-term value creation made him an ideal candidate for the interim CEO position and we look forward to his future contributions.”
