Calavo Growers, Inc. Announces Departure of Chief Financial Officer
May 03 2022 - 7:00PM
Calavo Growers, Inc. (“Calavo”) (“Company”) (Nasdaq-GS: CVGW), a
global avocado-industry leader and provider of value-added fresh
food, today announced that Chief Financial Officer Mariela Matute
will be leaving Calavo for a CFO role at another company. She will
remain with Calavo through May 19, 2022 to assist with the
transition.
Calavo’s President and Chief Executive Officer Brian W. Kocher,
whose experience includes chief financial officer and chief
accounting officer roles, will assume the role of the Company’s
interim Chief Financial Officer until a successor is named. The
Company will immediately commence a search for a new permanent
CFO.
“Mariela has made a significant contribution to our organization
in the time she has been with Calavo,” Kocher said. “She described
her new opportunity as one that was simply too good to pass up, and
we wish her the best in her new role.
“While this news is unfortunate, it won’t deter or delay our
efforts to improve our operating performance,” Kocher continued.
“We have a structure in place to carry out our initiatives like
Project Uno. We have processes that Mariela helped establish that
will ensure the smooth continuity of our business. We have a
talented team that is more than capable of stepping in and stepping
up as we search for a new CFO.
“I remain confident about our future. Calavo has delivered
sequential improvement in our business, and we continue to make
progress. I am as excited today as I was yesterday about our
opportunities and our ability to deliver on our vision and goals to
our shareholders,” Kocher concluded.
About Calavo Growers, Inc. Calavo Growers, Inc.
(Nasdaq: CVGW) is a global leader in quality produce, including
avocados, tomatoes and papayas, and a pioneer of healthy fresh-cut
fruit, vegetables and prepared foods. Calavo products are sold
under the trusted Calavo brand name, proprietary sub-brands,
private label and store brands.
Founded in 1924, Calavo has a rich culture of constant
innovation, sustainable practices and market growth. The company
serves retail grocery, foodservice, club stores, mass
merchandisers, food distributors and wholesalers worldwide. Calavo
is headquartered in Santa Paula, California, with processing plants
and packing facilities throughout the U.S. and Mexico. Learn more
about The Family of Fresh™ at calavo.com.
Forward-Looking StatementsThis press release
contains statements relating to future events and results of Calavo
(including certain projections and business trends) that are
"forward-looking statements," as defined in the Private Securities
Litigation Reform Act of 1995, that involve risks, uncertainties
and assumptions. These statements include, but are not limited to,
statements relating to filling the permanent CFO position and
long-term growth and profitability positioning. These statements
are based on our current expectations and are not promises or
guarantees. If any of the risks or uncertainties ever materialize
or the assumptions prove incorrect, the results of Calavo may
differ materially from those expressed or implied by such
forward-looking statements and assumptions. Risks and uncertainties
that may cause our actual results to be materially different from
any future results expressed or implied by the forward-looking
statements include, but are not limited to, the following:
dependence on key personnel, including personnel that have not yet
been hired, and the ability of our future management team to work
together successfully; the impact of the COVID-19 pandemic on our
business, results of operations, and financial condition,
including, but not limited to, disruptions in the manufacturing of
our products and the operations of the related supply chains
supporting our ability to deliver our products to consumers,
impacts on our employees and uncertainty regarding our ability to
implement health and safety measures for our employees,
uncertainties regarding consumer demand for our products, impact on
our food service customers, increased costs, the impact of
governmental trade restrictions imposed as a result of COVID-19 and
the possible adverse impact of COVID-19 on our goodwill and other
intangible assets; our ability to raise prices, particularly in our
RFG and Foods segments, to offset increase costs of goods sold, and
the impact of such price increases on future net sales; seasonality
of our business; sensitivity of our business to changes in market
prices of avocados and other agricultural products and other raw
materials including fuel, packaging and paper; potential
disruptions to our supply chain; risks associated with potential
future acquisitions, including integration; potential exposure to
data breaches and other cyber-attacks on our systems or those of
our suppliers or customers; dependence on large customers;
potential for labor disputes; reliance on co-packers for a portion
of our production needs; competitive pressures, including from
foreign growers; risks of recalls and food-related injuries to our
customers; changing consumer preferences; the impact of
environmental regulations, including those related to climate
change; our ability to develop and transition new products and
services and enhance existing products and services to meet
customer needs; risks associated with doing business
internationally (including possible restrictive U.S. and
foreign governmental actions, such as restrictions on transfers of
funds and COVID-19 and trade protection measures such as
import/export/customs duties, tariffs and/or quotas and currency
fluctuations); risks associated with receivables from, loans to
and/or equity investments in unconsolidated entities; volatility in
the value of our common stock; the impact of macroeconomic trends
and events; and the resolution of pending investigations, legal
claims and tax disputes, including an assessment imposed by the
Mexican Tax Administrative Service (the “SAT”) and our defenses
against collection activities commenced by the SAT. For a further
discussion of these risks and uncertainties and other risks and
uncertainties that we face, please see the risk factors described
in our most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission and any subsequent updates that
may be contained in our Quarterly Reports on Form 10-Q and other
filings with the Securities and Exchange Commission.
Forward-looking statements contained in this press release are made
only as of the date of this press release, and we undertake no
obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
Media
Contact |
Investor
Contact |
Thomas Federl, VP Communications,
Marketing & ESG |
Julie Kegley, SVP |
Calavo Growers, Inc. |
Financial Profiles, Inc. |
Thomas.Federl@calavo.com |
calavo@finprofiles.com |
843-801-4174 |
310-622-8246 |
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