ewsba.se
Post Holdings has promoted its COO to chief executive, with CEO Robert Vitale moving to a new role of executive chairman.
From 1 October, the US food major's COO Nicolas Catoggio will step up as president and CEO.
In a statement issued yesterday (7 May), Post said as executive chairman Vitale will provide “strategic guidance” on capital allocation and advise Nicolas in his new role as CEO.
Vitale said: “Nico is an exceptional leader. Over the past several years, he has driven strong performance at Post Consumer Brands, led integration of acquisitions, and earned the trust of our teams across the organisation.”
Catoggio was appointed COO in January. Before that, he had been president and CEO of the Weetabix owner's Post Consumer Brands division since September 2021.
Prior to joining Post, Catoggio was managing director and senior partner in Boston Consulting Group’s consumer goods practice.
Post also reported its results for the second quarter ended 31 March. For the quarter, net sales increased to $2.04bn from $1.95bn a year earlier.
Net income rose to $81.9m, compared with $62.6m in the prior-year period. Adjusted EBITDA reached $395m, up 14% from $346.5m.
In the consumer brands division, second-quarter net sales totalled $1.04bn, an increase of 5.8% on the prior-year period.
That figure included $145m attributable to 8th Avenue Food & Provisions, which Post acquired in July. Excluding the contribution from 8th Avenue in the current-year period, volumes declined 10% amid a 14% fall in pet-food volumes and a 3% decline from cereal and granola combined.
The division’s profit decreased 3.9% year-on-year to $134.1m. Adjusted EBITDA edged down 1.8% to $200.2m.
Post’s refrigerated retail arm posted net sales of $235.3m for the second quarter, up 4.8% year on year. Segment profit increased 36.4% to $22.1m. Adjusted EBITDA rose 17.6% to $40.8m.
Meanwhile, the Weetabix business unit reported second-quarter net sales of $136.1m, an increase of 3.3% from the prior-year period. Its profit rose 14.3% to $20.8m while adjusted EBITDA increased 6.6% to $32.3m.
Post’s management also maintained its guidance range for fiscal 2026. The company said it expects adjusted EBITDA to be between $1.55bn and $1.58bn.
"Post Holdings promotes COO to US group’s CEO" was originally created and published by Just Food, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.