Sovos Brands Announces the Promotion of E. Yuri Hermida to President
December 05 2023 - 8:30AM
Sovos Brands, Inc. (“Sovos Brands” or the “Company”) (Nasdaq:
SOVO), one of the fastest-growing food companies of scale in the
United States, today announced the promotion of E. Yuri Hermida to
President of Sovos Brands, effective December 11, 2023. Mr. Hermida
will continue to report to Todd Lachman, Founder and Chief
Executive Officer of Sovos Brands.
“Over the last year, Yuri has proven to be an invaluable asset
in executing the Sovos Brands enterprise-wide growth strategy,”
said Mr. Lachman. “Yuri’s dedication and collaborative approach is
pivotal to our success, and I look forward to continuing to partner
with him to drive our strategic plan and further our momentum in
2024.”
Mr. Hermida has served as Chief Growth Officer at Sovos Brands
since October 2022, overseeing the Company’s sales, marketing,
R&D and business segments while driving the Company’s overall
growth strategy. Prior to joining Sovos Brands, he served as
Executive Vice President at Reckitt Benckiser, a multinational
producer of consumer goods in the health, hygiene and nutrition
categories, overseeing the company’s multibillion-dollar North
American Hygiene business. Prior to Reckitt, Mr. Hermida spent more
than two decades at Procter & Gamble, holding
key leadership positions around the globe, including Country
Manager for the Malaysia and Singapore region, General Manager of
Baby Care for the Greater China region, and Vice President of
Feminine and Baby Care for North America.
The Company continues to expect the pending merger with Campbell
Soup Company (“Campbell’s”) to be completed in 2024 and will
continue to engage with the FTC on its review with the objective of
closing in mid-2024.
About Sovos Brands, Inc.Sovos Brands, Inc. is a
consumer-packaged food company focused on building disruptive
growth brands that bring today’s consumers great tasting food that
fits the way they live. The Company’s product offerings include a
variety of pasta sauces, dry pasta, soups, frozen entrées, frozen
pizza and yogurts, all of which are sold in North America under the
brand names Rao’s, Michael Angelo’s and noosa. All Sovos Brands’
products are built with authenticity at their core, providing
consumers with one-of-a-kind food experiences that are genuine,
delicious, and unforgettable. The Company is headquartered in
Louisville, Colorado. For more information on Sovos Brands and its
products, please visit www.sovosbrands.com.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, including but not limited to statements regarding the
pending merger with Campbell’s. These forward-looking statements
are based on Sovos Brands’ current assumptions, expectations and
beliefs and are subject to substantial risks, uncertainties,
assumptions, and changes in circumstances that may cause Sovos
Brands’ actual results, performance, or achievements to differ
materially from those expressed or implied in any forward-looking
statement.
With respect to the pending merger with Campbell’s, these risks
and uncertainties include, but are not limited to:
- the timing to consummate the pending merger;
- our ability to retain and hire key personnel and other
employees, which could require us to use more expensive or less
effective resources to support our business or otherwise adversely
affect our business, financial condition and results of
operations;
- the risk that a condition to closing of the pending merger may
not be satisfied or that the closing of the pending merger might
otherwise not occur;
- the risk that regulatory approval required for the pending
merger is not obtained or is obtained subject to conditions that
are not anticipated;
- the diversion of management time on transaction-related issues;
and
- the risk that the pending merger and its announcement could
have an adverse effect on the Company’s ability to retain
third-party relationships and related talent.
These and other risks and uncertainties are more fully described
in Sovos Brands’ filings with the Securities and Exchange
Commission (the “SEC”), including in the section entitled “Risk
Factors” in its Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023 and other filings and reports that
Sovos Brands may file from time to time with the SEC. Moreover,
Sovos Brands operates in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible
for management to predict all risks, nor can Sovos Brands assess
the impact of all factors on its business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements Sovos Brands may make. In light of these risks,
uncertainties and assumptions, Sovos Brands cannot guarantee that
future results, levels of activity, performance, achievements, or
events and circumstances reflected in the forward-looking
statements will occur. Forward-looking statements represent
managements’ beliefs and assumptions only as of the date of this
press release. Sovos Brands disclaims any obligation to update
forward-looking statements except as required by law.
ContactsInvestors:Joshua
LevineIR@sovosbrands.com
Media:Lauren Armstrongmedia@sovosbrands.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/686e476c-d631-4b9c-8a7e-07e21ef0adb0
Sovos Brands (NASDAQ:SOVO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Sovos Brands (NASDAQ:SOVO)
Historical Stock Chart
From Oct 2023 to Oct 2024