Lassonde Industries announces upcoming leadership transitions, quarterly results
Lassonde Industries Inc. announced a phased leadership transition for its board of directors and certain members of its executive management team.
To ensure a smooth transition of the Board leadership role, Pierre-Paul Lassonde, presently chairman of the Board, who dedicated the last 50 years at the helm of the business founded by his family two generations prior, will share his responsibilities by co-chairing the Board along with Nathalie Lassonde, between September 1, 2024 and January 1, 2025.
He will thereafter continue to serve as a member of the Board.
Nathalie Lassonde, currently chief executive officer and vice-chair of the Board will start a transition process that will lead her to serve as executive vice-president of Lassonde and co-chair of the Board commencing September 1, 2024. On January 1, 2025, she will become executive chair of the Board and will concurrently step down as executive vice-president of Lassonde.
Vince Timpano, currently president and chief operating officer, has been appointed chief executive officer effective September 1, 2024.
These appointments have been made in accordance with Lassonde's succession plan following a Board-led process.
"The time has come for me to pass the torch onto the next generation of leaders to carry out our organization's vision and goals for the future. Nathalie embodies the values, integrity, respect and responsibility that have made Lassonde what it is today. She has gained an in-depth understanding of the business in her 20 years at Lassonde, both as a member of the Board and in her role as CEO, that will help her guide the management team in the coming years. I am confident that she will leave her mark as an inspiring and inclusive leader," says Mr. Lassonde.
"Vince has shown great vision, leadership and expertise in implementing a business strategy that will prove instrumental to our future growth. His alignment with our values, as well as extensive business experience, will serve him well in his new role," adds Ms. Lassonde.
READ: Lassonde reports $123.6M in profit for fourth quarter of 2022
Lassonde’s leadership changes came at the same time as the company announced its second quarter results for the year.
The company reported sales of Sales of $624.7 million. Excluding a $6.1 million favourable foreign exchange impact and $3.2 million in sales from Diamond Estates Wines & Spirits Inc. an entity over which Lassonde acquired control on November 14, 2023, Lassonde’ sales were up $36.0 million (6.2%) year over year, mainly due to the favourable impact of selling price adjustments in Canada and an increase in the U.S. sales volume for both private label and branded products, partly offset by an unfavourable change in the sales mix of U.S. private label products and a decrease in Canadian sales volume.
Lassonde has experienced substantial increases in input costs since 2021, and some commodity costs are expected to remain elevated. Orange juice, orange concentrates, and, more recently, apple concentrates remain areas of focus as it is expecting higher costs for the remainder of the year when compared to the first six months of 2024. Additionally, it is closely monitoring the recent upward trend in ocean freight container shipping rates.
"Lassonde generated solid profit growth in the second quarter of 2024, driven by sales increases and strong execution of its strategy throughout the organization," adds Nathalie Lassonde. "This momentum reflects our ability to generate volume growth in a market that remains challenging, while our initiatives to enhance operating efficiency and productivity are resulting in margin gains. We remain focused on executing our business strategy and achieving our long-term growth ambitions to deliver lasting value for our shareholders."
