On the day that Chiquita Brands International reported on its results for the second quarter of the year, the US-based fresh produce multinational has also revealed that its long-time chief executive officer Fernando Aguirre is to step down from his position.
Aguirre, who has led the group for the past nine years, will make way for a new face as the group pursues a new strategic direction with a focus on driving profits in its core businesses.
In a statement, the group noted that it was 'the right time' to announce the leadership transition plan, adding that it had formed a committee to oversee the appointment process while also retaining a leading executive firm to assist in identifying qualified candidates.
In order to ensure a smooth transition, Aguirre will remain as chief executive officer and chairman through the hiring process and the transition of the new CEO.
'It has been an honour to lead Chiquita for almost nine years,' said Aguirre. 'Chiquita's dedicated employees and management team have transitioned to Charlotte and launched its strategic transformation plan. Although the current economic times have been tough, I am confident that the company is well positioned to increase its financial performance and drive shareholder value.
'I remain one of the largest shareholders of the company and my main interest is to increase the value for all shareholders,' he added. 'I look forward to working with the Board of Directors to implement the restructuring and ensure a seamless leadership transition. The future is bright and the time has come to bring in new talent who can lead the company forward.'
Kerrii Anderson, Chiquita's lead independent director, thanked Aguirre for his efforts over the past decade, highlighting the advances the company had made during his time in charge.
'He has led us through thick and thin, expanding distributional channels, transforming the North American Banana business, unlocking balance sheet value, divestingnon-core assets, navigating through tough inherited litigation, reducing debt and consolidating our headquarters in the business conducive and growth oriented city of Charlotte,' Anderson explained. 'The Board is committedto increasing shareholder value through the execution of Chiquita's transformational strategy. Given our change in strategy, Fernando and the Board decided to conduct a thorough search to identify the best candidate to serve as Chiquita's next CEO and to jointly execute an effective and smooth leadership transition.'
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