USA – American food and beverage major Dean Foods has announced that the chief financial officer Jody Macedonio has stepped down from the position.
Macedonio departure from the company comes just 19 months after her appointment in February 2018 replacing Chris Bellairs who left the company in September 2017.
Macedonio had previously worked in various companies including Henkel AG and PepsiCo Inc.
The company has hence appointed Gary Rahlfs as interim finance chief. He has worked as senior vice president focused on finance and strategy at Dean since May 2019.
Mr. Rahlfs has also served in executive roles at the University of North Texas and PepsiCo, the company said.
The dairy producer, which hired Eric Beringause as the new chief executive earlier this year has lost about two-thirds of its market value this year amid falling prices for milk and weaker consumer demand.
Eric who also joined the Dean Foods Board of Directors as a member, succeeded Ralph Scozzafava, who stepped down as CEO and resigned from his position on the Board.
The management shake up comes at a time when the company recently announced that it was looking to match forward as a standalone unit following a comprehensive review of strategic alternatives, including a possible sale of the company.
Dean Foods initiated the review in February this year as it sought to determine a go-forward strategy under new leadership to enhance long-term shareholder value.
Under the review, the company was considering various alternatives including the sale of assets, the formation of a joint venture, going private with a buyer, or an outright sale.
Following the review, Dean Foods said that the it is confident that execution of the company’s standalone operating plan under the leadership of Eric will provide the best opportunity to enhance long-term shareholder value.
Dean Foods said it will also continue to execute cost-savings and supply chain productivity programs, designed to enable to the company be more agile and cost-efficient in the marketplace.
Dean said it will be focusing on its customers and leverage the company’s many competitive advantages – including our portfolio of strong national brands, extensive private label capabilities, category leading position and our uncompromising commitment to quality, safety and service – to drive profitable volume.
The company intends to provide details on its go-forward strategy when it reports third quarter 2019 earnings in early November.