Business
Freshpet Announces Organization Changes Designed to Support its Rapid Growth
Reiterates Full Year Guidance and Clarifies Cadence of Second Half Adjusted EBITDA SECAUCUS, N.J., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Freshpet, Inc.
About this update from Freshpet, Inc.
[{"type":"text","content":"Reiterates Full Year Guidance and Clarifies Cadence of Second Half Adjusted EBITDA\nSECAUCUS, N.J., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today announced several changes in its organizational structure designed to enhance its capabilities and support its long-term growth objectives. Specifically, these changes are designed to strengthen the Company’s capabilities in production, quality, engineering, logistics and finance. Those leadership changes include: Chief Financial Officer Heather Pomerantz has announced her intention to step down to pursue other opportunities effective September 7, 2022. While the Company searches for her replacement, current Vice Chairman (and previous Freshpet CFO) Dick Kassar will serve as Interim CFO. Mrs. Pomerantz’s resignation did not result from any disagreement with the Company concerning any matter relating to the Company’s financial reporting, policies or practices.Executive Vice President of Manufacturing, Steve Weise, whose intention to retire was announced previously, will remain with the Company in a consulting role through 2023 to support improvements in the Company’s quality assurance systems and other components of the Company’s manufacturing and supply chain.Jay Dahlgren, previously Vice President of Operations at J.M. Smucker Company, is now serving as a consultant to the Company with a focus on mitigating manufacturing and supply chain risks. Mr. Dahlgren has a long track record of operations success with Nestle Purina and Big Heart before his time at J.M. Smucker. Vice President of Manufacturing, Ricardo Moreno, will be appointed Senior Vice President of Manufacturing & Engineering. The Company expects to backfill the VP of Manufacturing role as it builds out this important area of its operations.Senior Vice President of Engineering Michael Hieger will broaden his responsibilities to include all capital expansion projects and engineering resources and will report to Mr. Moreno. Michael successfully led the creation and construction of Kitchens 1.0 and 2.0 in Bethlehem and the start-up of Kitchens South. Board & Management Commentary Charles Norris, Freshpet’s Chairman of the Board, commented, “We remain confident that the growth opportunity for Freshpet is enormous and with that comes necessary investments in organizational cap...