MISSISSAUGA, ON, Aug. 15,
2024 /CNW/ - Maple Leaf Foods Inc. (the "Company")
(TSX: MFI) today announced that Deepak
Bhandari has been named as Chief Financial Officer for the
Company's pork business, which is set to be spun off as an
independent, publicly traded company in 2025.
With a breadth of food industry and financial experience,
Bhandari rejoins the Maple Leaf Foods organization where he had a
career spanning 13 years in progressively senior roles within the
Company's finance organization. Most recently, Bhandari served as
the Interim Chief Financial Officer of High Liner Foods and is
currently their Senior Vice President of Strategy and Corporate
Development. He will step into the role of CFO, Pork Complex
at Maple Leaf Foods in September
2024.
"We are delighted to welcome Deepak to our team," said
Dennis Organ, President of Maple
Leaf Foods' Pork Complex and incoming CEO of the new Pork Company.
"Having previously been part of the Maple Leaf Foods organization,
Deepak has a thorough understanding of our pork operations and the
landscape of the business. We look forward to his financial
leadership and expertise as we complete the work to execute the
spin transaction and embark on the next step in our journey as an
independent company."
In July, Maple Leaf Foods announced a plan to unlock significant
value by separating into two public companies, each primed for
growth and positioned to be a leader in its field. By spinning off
its pork business, the name of which will be announced in the
coming months, Maple Leaf Foods unleashes a world-leading
organization which produces sustainable meat the right way and can
fully take advantage of its own unique business model to unlock its
own significant growth potential.
Maple Leaf Foods will continue to pursue its vision to be the
most sustainable protein company on Earth, now as a more focused,
brand-led consumer packaged goods company that will meet the
world's growing need for sustainably produced protein.
Bhandari holds a Bachelor of Science degree in Genetics from the
University of Alberta, and a Master of
Business Administration from the Schulich Business School at
York University.
About Maple Leaf Foods Inc.
About Maple Leaf Foods Inc. Maple Leaf Foods is a carbon neutral
company with a vision to be the most sustainable protein company on
earth, responsibly producing food products under leading brands
including Maple Leaf®, Maple Leaf Prime®,
Maple Leaf Natural Selections®, Schneiders®,
Schneiders® Country Naturals®,
Mina®, Greenfield Natural Meat Co.®,
Lightlife® and Field Roast™. The Company employs
approximately 13,500 people and does business primarily
in Canada, the U.S. and Asia. The Company is
headquartered in Mississauga, Ontario and its shares
trade on the Toronto Stock Exchange (MFI).
Forward-Looking Statements
This release contains statements, made by representatives of the
Company in connection with this release, may contain
forward-looking statements within the meaning of applicable
securities law. These statements are based on current expectations,
estimates, forecasts, and projections about the industries in which
the Company operates, as well as beliefs and assumptions made by
Management of the Company. Such statements include, but are not
limited to, statements with respect to the timing, execution,
implications, benefits, risks, returns, opportunities, structure,
approvals, value proposition and business model associated with the
proposed separation of the Company into two independent public
companies, as well as the Company's overall plans, actions and
strategies. These statements are not guarantees of future
performance and involve assumptions, risks and uncertainties that
are difficult to predict.
These statements are based on and were developed using a number
of factors and assumptions including, but not limited to:
expectations and assumptions concerning the timing and completion
of the separation of Maple Leaf Foods into two independent public
companies and the success of such separation; expectations
regarding the adaptations in operations, supply chain, customer and
consumer behaviour, economic patterns (including but not limited to
global pork markets, foreign exchange rates, international trade
dynamics and access to capital); the competitive environment,
associated market conditions and market share metrics,; and the
success of the business strategies of Maple Leaf Foods and the new
Pork Company. Although these assumptions were considered reasonable
by the Company at the time of preparation, actual results may
differ materially from those expressed, implied or forecasted in
such forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements, as such statements are not guarantees
of future performance. Additional factors that could cause actual
results or outcomes to differ materially from the results
expressed, implied or forecasted by the forward-looking statements
are discussed more fully in the Company's filings made with the
Canadian securities regulators including in the section entitled
"Risk Factors" in the Company's Management's Discussion and
Analysis for the year ended December 31,
2023 and the quarter ended June 30,
2024, as well as the press release announcing the separation
transaction dated July 9, 2024. All
of such filings are available on SEDAR+ at www.sedarplus.ca.
The Company does not intend to, and disclaims any obligation to,
update any forward-looking statements (including any financial
outlooks), whether written or oral, or whether as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE Maple Leaf Foods Inc.
