Dairy firm Saputo has announced that its chief operating officer, Frank Guido, has stepped down from his role, effective immediately, for personal reasons.
In a statement, Saputo thanked Guido for his 'commitment and dedication throughout his years of service' and wished him 'the best in his future endeavours'.
The company said that Carl Colizza, President and CEO, will also assume the role of COO at the business on an interim basis, in addition to his current responsibilities.
Second-Quarter Performance
In November, the Canadian firm announced it achieved a 8.9% increase in revenue in the second quarter of its financial year, while adjusted EBITDA was down 2.3%.
In terms of sector performance, Saputo's Canada business reported a 9.5% increase in adjusted EBITDA, driven by operational efficiencies. Its US arm continued to experience operational improvements but was impacted by unfavourable milk-cheese spread dynamics and volatility in butter prices.
Elsewhere, Saputo's International business faced inflationary pressures, particularly in Argentina, although it benefited from lower milk costs in Australia. Finally, its Europe business experienced its third consecutive quarter of improved results, driven by higher branded cheese sales volumes.
'Further Progress'
“We made further progress during the second quarter, both in the execution of our long-term strategy and with the achievement of important milestones related to innovation, efficiency and network optimisation,” Colizza commented at the time.
“Our steady cash generation enabled us to attain a pivotal step within our capital allocation program, as we announce [...] our intention to make a normal course issuer bid. While we remain focused on executing on our strategic initiatives, we believe this initiative will optimise our capital structure and underscore our commitment to drive long-term value creation.”
