Maple Leaf Foods unveiled a plan to realign its business structure, with that new structure including bringing its meat and plant protein businesses together under a single umbrella.
The company addressed these plans, both in the form of a press release and during a quarterly earnings call on February 12.
“While there are still some headwinds to navigate in the very near term, the structural health of our business and our long-term growth potential and to create share value is undeniable,” Maple Leaf Foods CEO Curtis Frank said during the call. “Bringing together our protein businesses to enable a brand-led protein powerhouse will allow us to realize the full potential of a platform that has been nearly three decades in the making.”
Maple Leaf Foods, already an established meat and poultry company in Canada, diversified both geographically and in terms of products offered with the 2017 acquisition of U.S.-based plant-based protein company Lightlife Foods. Maple Leaf furthered its presence in the plant-based protein sector in 2018 with the acquisition of acquisition of Field Roast Grain Meat Co.
Later in 2018, Maple Leaf Foods united those two brands under the company Greenleaf Foods SPC, a wholly owned, independent subsidiary of Maple Leaf Foods.
During the most recent quarter, sales for Maple Leaf’s meat protein group increased 3.1% when compared to the same quarter of the previous fiscal year. The plant protein group, however, saw a 13.2% drop in sales on a year-over-year basis, but when the impact of foreign exchange is taken into account, the decline in sales was 16.3%.
Changes in executive management
In addition to announcing the new business structure, Maple Leaf Foods also announced two senior-level appointments, both of which are effective immediately.
Adam Grogan was promoted to the role of Maple Leaf Foods chief operating officer (COO).
Grogan has been with Maple Leaf Foods for more than 25 years, having held roles where he was responsible for leading prepared foods, prepared meats, poultry and plant protein operations, as well as the supply chain network across Canada and the United States.
Grogan most recently worked as the Maple Leaf Foods president, alternative protein, and the president of Greenleaf Foods.
Casey Richards, who has been with Maple Leaf Foods for the past six years and has more than 20 years of global marketing and general management experience, has been promoted to fill the newly created position of president of Maple Leaf Foods USA.
In this position, Richards will be responsible for leading the company’s growth in the U.S. retail and foodservice markets.
