Vital Farms appoints new chief supply chain officer

Vital Farms, Inc. (NASDAQ: VITL), a company specializing in food and kindred products, announced the appointment of Joe Holland as its new Chief Supply Chain Officer and principal operating officer, effective September 1, 2024.

The executive change follows the previously announced departure of Jason Dale, the current Chief Operating Officer, who will step down on August 31, 2024.

Holland, 56, brings extensive experience to Vital Farms, having most recently served as Executive Vice President of Operations and Supply Chain at Curaleaf Holdings (OTC:CURLF), Inc. His career also includes leadership roles at Wheels Up Experience Inc., Ventura Foods LLC, Dean Foods Co., and Cadbury Schweppes plc. He holds an M.B.A. from Binghamton University School of Management and a B.S. in Economics from the University of Massachusetts at Amherst.

Under the terms of his employment, Holland will receive an annual base salary of $400,000 and is eligible for a discretionary annual bonus with a target of 60% of his base salary. For the fiscal year 2024, his bonus will be at least 90% of the target amount, prorated for his tenure.

Additionally, Holland will receive a $50,000 sign-on bonus, subject to recoupment if he resigns within the first 12 months without Good Reason, as defined in the company's Severance Plan.

Vital Farms will also grant Holland an equity award valued at $237,500 under the company's 2020 Equity Incentive Plan, comprising restricted stock units (RSUs) and performance-vesting restricted stock units (PSUs). These equity awards are subject to vesting conditions based on continued employment and the company's performance metrics.

In other recent news, Vital Farms reported robust second-quarter results for 2024, with net revenue reaching a record $147.4 million, a 38.5% increase from the previous year. The gross margin improved to 39.1%, and adjusted EBITDA more than doubled to $23.3 million, showcasing strong financial health. The company also unveiled ambitious expansion plans, including the construction of a new egg-washing and processing facility in Seymour, Indiana.

However, the company's SG&A expenses increased to $33.3 million due to higher professional service costs, employee-related costs, and marketing expenses. Despite this, volume growth of 35.8% contributed significantly to revenue, and the net income for the quarter rose to $16.3 million.

In a strategic move, Vital Farms appointed Joe Holland as its new Chief Supply Chain Officer. Holland, a seasoned professional with over two decades of experience in the consumer packaged goods industry, will oversee the company's supply chain operations. This leadership transition is part of Vital Farms' strategic plan to expand its leadership in the ethical food space and to reach its goal of $1 billion in net revenue by 2027.

In addition to these developments, Vital Farms is also focusing on brand marketing, aiming to reach 30 million households by 2027, and relaunching their butter line.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.