ROUGEMONT, QC, Aug. 8, 2024 /CNW/ - Lassonde Industries Inc. (TSX: LAS.A) ("Lassonde" or the "Corporation") announced today a phased leadership transition for its board of directors (the "Board") and certain members of its executive management team.
To ensure a smooth transition of the Board leadership role, Pierre-Paul Lassonde, presently Chairman of the Board, who dedicated the last 50 years at the helm of the business founded by his family two generations prior, will share his responsibilities by Co-Chairing the Board along with Nathalie Lassonde, between September 1, 2024 and January 1, 2025. He will thereafter continue to serve as a member of the Board.
Nathalie Lassonde, currently Chief Executive Officer and Vice-Chair of the Board will start a transition process that will lead her to serve as Executive Vice-President of Lassonde and Co-Chair of the Board commencing September 1, 2024. On January 1, 2025, she will become Executive Chair of the Board and will concurrently step down as Executive Vice-President of Lassonde.
Vince Timpano, currently President and Chief Operating Officer, has been appointed Chief Executive Officer effective September 1, 2024.
These appointments have been made in accordance with Lassonde's succession plan following a Board-led process.
"The time has come for me to pass the torch onto the next generation of leaders to carry out our organization's vision and goals for the future. Nathalie embodies the values, integrity, respect and responsibility that have made Lassonde what it is today. She has gained an in-depth understanding of the business in her 20 years at Lassonde, both as a member of the Board and in her role as CEO, that will help her guide the management team in the coming years. I am confident that she will leave her mark as an inspiring and inclusive leader," Mr. Lassonde said.
"Vince has shown great vision, leadership and expertise in implementing a business strategy that will prove instrumental to our future growth. His alignment with our values, as well as extensive business experience, will serve him well in his new role," Ms. Lassonde said.
"Over the past few years, I have discovered an exceptional company with a group of very dedicated employees. I want to thank the Lassonde family and the Board for their confidence in me. I look forward to building on the heritage of this storied North American food and beverage company," Mr. Timpano said.
About Vince Timpano
Mr. Timpano has a solid track record as a corporate officer with extensive business leadership experience. He has been serving as President and Chief Operating Officer of Lassonde since 2021. Prior to his appointment to this office, he joined Lassonde in 2020 to serve as President and Chief Executive Officer of its U.S. subsidiary, Lassonde Pappas and Company Inc. Before his leadership positions at Lassonde, he served in various executive roles over a period of 20 years, including President, Global Coalitions at Aimia Inc., President of Coca-Cola Canada and President and Chief Executive Officer of The Minute Maid Company Canada. In addition, Mr. Timpano served on numerous boards, including as Chair of United Way Toronto. He currently serves on the board of advisors for The Napoleon Group of Companies.
Mr. Timpano is a graduate of the Institute of Corporate Directors, Rotman School of Management of the University of Toronto and holds an MBA from the Ivey Business School of the University of Western Ontario.
About Lassonde
Lassonde Industries Inc. is a leader in the food and beverages industry in North America. The Corporation develops, manufactures, and markets a wide range of private label and national brand products, including ready-to-drink beverages, fruit-based snacks as well as frozen juice concentrates. It is also a leading producer of cranberry sauces and specialty food products such as pasta sauces, BBQ sauces, condiments soups and fondue broths and sauces. The Corporation also produces, imports and markets selected wines from several countries of origin and produces and markets apple cider and cider-based drinks.
The Corporation is active in two market segments:
- Retail sales consist of sales to food retailers and wholesalers such as supermarket chains, independent grocers, superstores, warehouse clubs, major pharmacy chains; and
- Food service sales consist of sales to restaurants, hotels, hospitals, schools, and wholesalers serving these institutions.
The Corporation operates 19 plants located in Canada and the United States and produces its superior quality products through the expertise of over 2,900 full-time equivalent employees. To learn more, visit www.lassonde.com.
Caution Concerning Forward-Looking Statements
This document contains "forward-looking information" and the Corporation's oral and written public communications that do not constitute historical fact may be deemed to be "forward-looking information" within the meaning of applicable Canadian securities law. These forward-looking statements include, but are not limited to, statements on the phased leadership transition for the Board and the executive management team and the Corporation's objectives and goals and are based on current expectations, projections, beliefs, judgments, and assumptions based on information available at the time the applicable forward-looking statement was made and considering the Corporation's experience combined with its perception of historical trends.
Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "could", "would", "believe", "plan", "intend", "design", "target", "objective", "strategy", "likely", "potential", "outlook", "aim", "goal", and similar expressions suggesting future events or future performance in addition to the negative forms of these terms or any variations thereof. All statements other than statements of historical fact included in this document may constitute a forward-looking statement.
Various factors or assumptions are applied by the Corporation in elaborating the forward‑looking statements. These factors and assumptions are based on information currently available to the Corporation, including information obtained by the Corporation from third parties. Readers are cautioned that the assumptions considered by the Corporation to support these forward-looking statements may prove to be incorrect in whole or in part.
The significant factors that could cause actual results to differ materially from the conclusions, forecasts or projections reflected in the forward-looking statements contained herein include, among other things, risks associated with the following: deterioration of general macroeconomic conditions, including international conflicts, which can lead to negative impacts on the Corporation's suppliers, customers, and operating costs; the availability of raw materials and packaging and related price variations (including the prices of orange juice and orange concentrates, key commodities for the Corporation, which have continued to trade above historical highs for the past several months and show no sign of favourable change); loss of key suppliers or supplier concentration; disruptions in or failures of the Corporation's information technology systems, as well as the development and performance of technology; cyber threats and other information-technology-related risks leading to business disruptions, confidentiality, data integrity, and business email compromise-related fraud; the successful deployment of the Corporation's multi-year strategy (defined in Section 4 - "Multi-Year Strategy" of the Corporation's MD&A for the second quarter ended June 29, 2024); the Corporation's ability to effectively integrate any acquisitions; the Corporation's ability to maintain strong sourcing and manufacturing platforms and efficient distribution channels; fluctuations in the prices of inbound and outbound freight, the impact of oil prices (and derivatives thereof) on the Corporation's direct and indirect costs along with the Corporation's ability to transfer those increases through higher prices or other means, if any, to its customers in competitive market conditions and considering demand elasticity; climate change and disasters causing higher operating costs and capital expenditures and reduced production output, or impacting the availability, quality or price volatility of key commodities sourced by the Corporation; the scarcity of labour and the related impact on the hiring, training, developing, retaining and reliance of personnel together with their productivity, employment matters, compliance with employment laws across multiple jurisdictions, and the potential for work stoppages due to non-renewal of collective bargaining agreements or other reasons; the successful deployment of the Corporation's health and safety programs in compliance with applicable laws and regulations; serious injuries or fatalities, which could have a material impact on the Corporation's business continuity and reputation and lead to compliance-related costs; disputes with significant suppliers; the increasing concentration of customers in the food industry, providing them with significant bargaining power particularly on the Corporation's selling prices; the implementation, cost and impact of environmental sustainability initiatives as well as the cost of remediating environmental liabilities; changes made to laws and rules that affect the Corporation's activities, particularly in matters of tax and customs duties, as well as the interpretation thereof, and new positions adopted by relevant authorities; the ability to adapt to changes and developments affecting the Corporation's industry, including customer preferences, tastes, and buying patterns, market conditions and the activities of competitors and customers; failure to maintain the quality and safety of the Corporation's products, which could result in product recalls and product liability claims for misbranded, adulterated, contaminated, or spoiled food products, along with reputational damage; risks related to fluctuations in interest rates, currency exchange rates, liquidity and credit, stock price and pension obligations; the incurrence of restructuring, disposal, or other related charges together with the recognition of impairment charges on goodwill or long-lived assets; the sufficiency of insurance coverage; and the implications and outcome of potential legal actions, litigation or regulatory proceedings to which the Corporation may be a party. The Corporation cautions readers that the foregoing list of factors is not exhaustive.
The assumptions, expectations, and estimates involved in preparing forward-looking statements and risks and uncertainties that could cause actual results to differ materially from forward-looking statements are discussed in the Corporation's materials filed with the Canadian securities regulatory authorities from time to time, including information about risk factors that can be found in Section 19 - "Uncertainties and Principal Risk Factors" of the Corporation's MD&A for the year ended December 31, 2023. Readers should review this section in detail.
All forward-looking statements included herein speak only as of the date hereof. Unless required by law, the Corporation does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. All forward-looking statements contained herein are wholly and expressly qualified by this cautionary statement.
SOURCE Lassonde Industries Inc.
Information: Investor contact, Eric Gemme, Chief Financial Officer, Lassonde Industries Inc., 450-469-4926, extension 10456, [email protected]; Media contact, Isabelle Nadeau, Lassonde Industries Inc., 450-469-4926, extension 10167, [email protected]
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