Freshpet, Inc. Announces Manufacturing Leadership Transition

Rhea-AI Summary

Freshpet (NASDAQ: FRPT) announced the planned retirement of Stephen Weise, Executive VP of Manufacturing & Supply Chain, expected at the end of 2022. Weise will continue to manage production capacity planning through 2021 before focusing solely on capacity planning in 2022. Chris Taranto will take over logistics, and Ricardo Moreno will oversee manufacturing at Freshpet Kitchens. CEO Billy Cyr emphasized Weise's contributions, noting the company's net sales growth of almost 4x during his tenure and the installation of over $1 billion in sales capacity before his retirement.

Positive

• Net sales grew by almost 4x during Stephen Weise's tenure.
• Over $1 billion in net sales capacity will be installed by the end of 2022.
• Successful succession planning in place with Ricardo Moreno and Chris Taranto.

Negative

• Transition could create continuity concerns in manufacturing and supply chain leadership.

SECAUCUS, N.J., July 19, 2021 (GLOBE NEWSWIRE) -- Freshpet, Inc. (NASDAQ: FRPT) (“Freshpet” or the “Company”) today announced that Stephen Weise, Executive Vice President of Manufacturing & Supply Chain, will begin a transition to retirement, which is anticipated at the end of 2022. Mr. Weise will continue to lead incremental production capacity planning and certain other manufacturing responsibilities through the end of 2021 and then focus exclusively on incremental capacity planning during 2022 until his retirement. Mr. Weise will continue to serve on our leadership team during this time.

Chris Taranto, Vice President of Supply Chain, will assume responsibility for the Company’s logistics operation, and Ricardo Moreno, Vice President of Manufacturing, will maintain oversight of the manufacturing operations at its Freshpet Kitchens. Both Mr. Taranto and Mr. Moreno will report directly to Billy Cyr, Chief Executive Officer.

“No single person could replace what Steve has done for Freshpet and we are so grateful for his many years of service. During his tenure, we have grown our net sales by almost 4x and by the time he fully retires next year we will have installed more than $1 billion in net sales capacity. We are incredibly grateful to him for his leadership and willingness to help our organization execute an orderly transition during this important time in our growth cycle,” said Billy Cyr, Freshpet’s Chief Executive Officer. “Ricardo Moreno, whom we hired last year as a key part of our succession planning, is now fully prepared to take on all the day-to-day manufacturing operations as VP of Manufacturing and Chris Taranto, VP of Supply Chain, will add logistics to his responsibilities. We are fortunate to have built a deep bench that has the capability to step into these important roles while Steve will retain responsibility for long-term capacity planning until his full retirement at the end of next year 2022.”

About Freshpet

Freshpet’s mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet foods are blends of fresh meats, vegetables and fruits farmed locally and made at our Freshpet Kitchens.  We thoughtfully prepare our foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet Fridges in your local market.

Our foods are available in select mass, grocery (including online), natural food, club, and pet specialty retailers across the United States, Canada and Europe. From the care we take to source our ingredients and make our food, to the moment it reaches your home, our integrity, transparency and social responsibility are the way we like to run our business. To learn more, visit www.freshpet.com.

Connect with Freshpet:

https://www.facebook.com/Freshpet 

https://twitter.com/Freshpet 

http://instagram.com/Freshpet 

http://pinterest.com/Freshpet 

https://en.wikipedia.org/wiki/Freshpet 

https://www.youtube.com/user/freshpet400 

Forward Looking Statements

Certain statements in this release constitute “forward-looking” statements. These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements, including our statements around our future net sales capacity and any related risks associated with implementing our growth strategy, such as our limited manufacturing capacity, our ability to bring new production facilities online and any delays in our expansion plans, are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results or events could differ materially from those stated, anticipated or implied by such forward-looking statements. Such forward-looking statements are made only as of the date of this release. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

Contact
ICR
Jeff Sonnek
646-277-1263
jeff.sonnek@icrinc.com 

FAQ

What leadership changes has Freshpet announced regarding Stephen Weise?

Freshpet announced that Stephen Weise will begin transitioning to retirement at the end of 2022, continuing to manage production capacity planning until then.

Who will replace Stephen Weise in Freshpet's leadership structure?

Chris Taranto will take over logistics, while Ricardo Moreno will maintain oversight of manufacturing operations.

What impact has Stephen Weise had on Freshpet's growth?

During his tenure, Freshpet's net sales increased almost fourfold, and over $1 billion in net sales capacity is expected to be established by his retirement.

How is Freshpet ensuring a smooth leadership transition?

Freshpet has implemented a succession plan, preparing Ricardo Moreno and Chris Taranto to take on increased responsibilities as part of the transition.

What are the potential risks associated with Stephen Weise's retirement?

There may be continuity concerns in leadership within the manufacturing and supply chain sectors during the transition period.