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MONTREAL - Goodfood Market Corp. (TSX:FOOD) announced Wednesday that co-founder Jonathan Ferrari is stepping down from his roles as Chair and CEO, effective immediately, while remaining on the company’s board of directors. The announcement comes as the stock trades near $3.99, showing relatively stable performance with a 5.2% gain year-to-date, according to InvestingPro data.
Co-founder Neil Cuggy will continue as President and COO, overseeing daily operations and working with the board on a formal operating review aimed at enhancing the company’s long-term strategy and business model.
"After 11 years building Goodfood, today marks my last day leading the company," Ferrari said in the press release. "I have complete confidence in my dear co-founder, Neil Cuggy and wish all the best to him and the management team for the future."
The Canadian meal kit company has appointed Selim Bassoul as the new Chair of the Board. Bassoul brings significant leadership experience as the current Executive Chairman of Six Flags Entertainment Corporation and former Chairman of Diversey Holdings and The Middleby Corporation. This leadership change comes at a crucial time, as InvestingPro analysis indicates the company faces challenges with weak gross profit margins and poor free cash flow yield.
"Goodfood operates in a dynamic and competitive space. While the Company has faced headwinds, it also holds significant potential," Bassoul stated in the announcement.
Goodfood, which describes itself as Canada’s leading digitally native meal solutions brand, connects partner farms and suppliers directly to customers to reduce food waste and retail overhead. The company operates production facilities in Quebec and Alberta.
The leadership changes come as the company launches a review aimed at securing what it describes as a sustainable competitive edge in the meal delivery sector.
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