Maple Leaf Foods announces incoming chief financial officer of the Pork Complex
Maple Leaf Foods Inc. 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 strategic 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," says 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."
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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 looks to take advantage of its own unique business model to unlock its own significant growth potential.
Maple Leaf Foods recently reported a loss of $26.2 million in its latest quarter compared with a loss of $53.7 million a year earlier as it prepares to spin off its pork business.
The Mississauga, Ont.-based meat producer and processor's president and CEO Curtis Frank told analysts on a call Thursday that investor reaction to the plan to hive off the pork business into a new, publicly traded company next year has been positive.
"We remain confident that this is a move that will lead to greater levels of growth and value creation as each business is provided the opportunity to pursue its own strategies with a dedicated management team that's focused on executing its unique playbook," he said.
With files from The Canadian Press.
