As we approach the fourth quarter of the year, there have been a string of recent announcements regarding leadership shifts and shakeups in the food and ag investment and retail sectors.
Paine & Partners Appoints Former Potash Exec, Delaney as Strategic Advisor
Global food and agribusiness focused private equity firm, Paine & Partners announced the appointment of former EVP and chief operating officer of Potash Corporation, G. David Delany in the role of a strategic advisor.
With 30 years of experience in the agribusiness sphere, Mr. Delaney will be tasked with identifying and executing potential upstream investment opportunities in the food and agribusiness value chain, and to serve in a leadership capacity on behalf of Paine & Partners at acquired companies.
“David’s unique experience and expertise adds to Paine & Partners’ deep bench of investing and operating professionals,” said Kevin Schwartz, President and a founding Partner at Paine & Partners. “David has a deep knowledge of agricultural inputs and he brings a strong track-record of driving growth and achieving operational excellence in the agribusiness industry.”
Aquila Expands Advisory Board with Addition of Daniel Just
Leading alternative investment firm, Aquila Capital announced the expansion of its advisory board with the addition of Daniel Just, chairman of Germany’s largest pension fund – Bayerische Versorgungskammer (BVK).
Since its founding in 2001, Aquila Capital has maintained a focus on real assets. The company applies a multi-team approach consisting of experts from a broad range of fields to develop and manage strategies within renewable infrastructure, farming, timber real state, private equity and credit strategies.
During his tenure at BVK, which is a public authority of the Bavarian Ministry of the Interior and the joint executive body of 12 occupational and communal pension funds totaling €66 billion under management, Just oversaw the establishment of real assets investments as a key allocation of portfolio investments.
“Aquila Capital has focused on alternative investments since its launch. Given Mr Just’s responsibility for some of Germany’s largest and highly sophisticated institutional investors, we greatly value his insight regarding the ever evolving needs of investors as well as the wider industry trends,” said Roman Rosslenbroich, CEO and co-founder of Aquila Capital.
FMO Appoints Jürgen Rigterink as New CEO
Dutch Development Bank, FMO, announced it has appointed Jürgen Rigterink as the bank’s new chief executive officer effective October 1, 2016.
Mr. Rigterink, who will be replacing Nanno Kleiterp who has served as FMO’s chief executive since 2008, has been on the Management Board of FMO since 2008. He has also served as FMOs chief investment officer and its chief risk and finance officer since 2014. Mr. Rigterink will continue to serve as chief risk and financial officer until FMO secures a replacement.
Rigterink has formerly served in a range of senior positions at institutions including Bank Brussels Lambert in Brussels, Chicago, and New York, and ABN AMRO where he served as Sector Head for Central and Eastern Europe, Middle East and Africa, and chairman of the management board and country executive at ABN AMRO Bank Kazakhstan.
“Jürgen Rigterink brings a breadth of knowledge in emerging markets and top level management experience across the banking spectrum,” said Jean Frijns, Chairman of the Supervisory Board of FMO. “The Supervisory Board considers him particularly well placed to deliver on FMO’s strategic priorities of contributing to the Global Goals by driving inclusive and sustainable development abroad and providing international finance for Dutch business”.
Campbell Fresh Sees Leadership Shakeup After Latest Earnings Report
An unfortunate Bolthouse Farms Protein Plus beverages recall due to possible spoilage, and poor yields for carrot crops led to Campbell Fresh seeing fourth quarter sales fall by 12% (when excluding sales for Garden Fresh Gourmet).
In response, Campbell CEO, Denise Morrison stated, “This performance is unacceptable, I expect far more from the Campbell Fresh business,” and announced a shakeup of leadership for the division which represents 13 percent of Campbell’s total sales.
Change include the removal of Scott LaPorta, president and GM of Bolthouse Farms, the divison’s largest brand, only one year after his hire.
Additionally Morrison announced in an earnings conference call the removal of several senior managers, and the implementation of a new organizational structure designed to facilitate increased collaboration and agility across the entire division.
New additions to the Campbell Fresh senior team include Ken Messick as chief customer officer, Jim Caltabiano as chief financial officer, and Tim Gates as vice president, human resources.
“While disappointed in our execution, I remain confident in our C-Fresh strategy. We have strong popular brands that are on trend with the changing nature of consumers’ eating habits,” said Morrison reports BevNet. “Strategy was not the issue. Our problem was execution.”
Ruralco Appoints Rick Lee as Board Chairman
Australian agribusiness, Ruralco, announced it has named Rick Lee as chairman of its board upon the resignation of Richard England after 14 years in the position.
The shift in leadership happens as the agribusiness is restructuring its operations – a move that could result in the elimination of $15 million from its balance sheet upon its full year report due in November, according to The Australian. The reorganization comes upon the cancellation of the group’s southern live export license and includes a shuffling of its Total Eden water division.
Mr. Lee is also on the board of gold mining company, Newcrest and was formerly with CSR’s sugar division and stock feed business, Ridley Corporation.
Commenting on his appointment and outlook for the future, Mr. Lee said “I am interested in the significant growth potential for agribusiness generally in Australia and where these opportunities best lie for Ruralco and its shareholders.”