Lassonde Industries Announces Leadership Changes Amid Strong Financial Performance

Canada’s Lassonde Industries has announced a significant leadership transition as part of a broader reshuffle at the top of the agri-food company. The company, known for its diverse portfolio of food and beverage products, has named Vince Timpano, the current President and Chief Operating Officer, as the new CEO, effective September 1. This change signals a new chapter in the company’s leadership as it continues to build on its recent successes.

Nathalie Lassonde, the current CEO, will transition to the role of executive Vice President and co-chair of the Lassonde board on the same date. In January 2025, she will further transition to become the Executive Chair of the Board, stepping down from her role as Executive Vice President. This gradual shift in responsibilities is designed to ensure a smooth leadership transition and continuity in the company’s strategic direction.

In conjunction with these changes, Pierre-Paul Lassonde, who currently serves as chairman of the board, will share his responsibilities as co-chair with Nathalie Lassonde from September until January. Following this period, he will continue to contribute to the company as a member of the board, further supporting the leadership team with his extensive experience.

Vince Timpano, who has been with Lassonde as COO since 2021, expressed his enthusiasm for his upcoming role as CEO. He acknowledged the exceptional nature of the company and its dedicated employees and expressed gratitude to the Lassonde family and the board for their confidence in his leadership. Timpano emphasized his eagerness to continue building on the legacy of Lassonde, a well-established North American food and beverage company. His prior experience as CEO of Lassonde’s U.S. subsidiary, Lassonde Pappas and Co., has equipped him with the vision and leadership skills necessary to steer the company toward future growth.

Nathalie Lassonde commented on Timpano’s appointment, highlighting his strong alignment with the company’s values and his impressive track record in implementing a business strategy that will be crucial for Lassonde’s future expansion. She noted that his leadership and extensive business experience make him well-suited for the CEO role, reinforcing the board’s confidence in his ability to lead the company.

Lassonde Industries is a prominent player in the food and beverage sector, supplying its products to retailers, wholesalers, and independent stores. The company’s diverse portfolio includes a wide range of products, such as sauces, soups, snacks, soft drinks, and alcoholic beverages. Notable brands under its umbrella include Canton, Good Bites, and Friolento, in addition to its private-label offerings.

The announcement of the leadership reshuffle coincided with the release of Lassonde’s second-quarter results for fiscal 2024, which showcased the company’s robust financial performance. Sales surged by approximately $33 million, reaching $545.7 million. Operating profit also saw a significant year-on-year increase of $6.3 million, totaling around $36 million. Additionally, the company’s adjusted EBITDA grew by about $11.6 million, reaching $54.3 million, underscoring its strong operational performance.

Earlier this year, Lassonde announced a strategic acquisition of Zidian Group, the parent company of Summer Garden Food Manufacturing, for $235 million. The acquisition includes a potential additional payment of $45 million over the next three years, contingent upon the achievement of certain financial targets and other specified conditions. This acquisition is expected to further strengthen Lassonde’s position in the food and beverage industry, expanding its product offerings and market reach.

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