Secaucus-based pet food company Freshpet Inc. announced several leadership changes Sept. 7.
Board Chairman Charles Norris said, “Each of these changes is designed to focus more resources on the specific areas where we believe the company has the greatest opportunity to enhance its effectiveness, increase its reliability and consistency of performance, and deliver the Freshpet experience and service that consumers and retail partners expect.”
The leadership moves include:
- Chief Financial Officer Heather Pomerantz has left the company amicably to pursue other opportunities, effective Sept. 7. Current Vice Chairman and previous CFO Dick Kassar will serve as interim CFO until her replacement is named.
- Executive Vice President of Manufacturing Steve Weise, who previously announced retirement plans, will remain in a consulting role through 2023. He will focus on Freshpet’s quality assurance systems and other components of its manufacturing and supply chain.
- Jay Dahlgren, previously vice president of operations at J.M. Smucker Co., is now serving as a consultant focusing on mitigating manufacturing and supply chain risks.
- Vice President of Manufacturing Ricardo Moreno will be promoted to senior vice president of manufacturing and engineering.
- Senior Vice President of Engineering Michael Hieger will now be responsible for all capital expansion projects and engineering resources.
Scott Morris, Freshpet co-founder, president and COO, talks about the company’s inception, its growth over nearly two decades and how it does right by the planet. Click here to watch now.
Freshpet CEO Billy Cyr said the company’s rapid growth and a fluid operating environment “has created a unique set of opportunities and challenges over the past two years.”
“We remain committed to meeting our objectives and are making some targeted investments to reduce volatility and establish an even greater set of capabilities to ensure that we deliver the profitable growth that we believe is inherent in this business,” Cyr added.
Cyr said Moreno’s promotion and the added consultants were necessary to launch the company’s new facility in Ennis, Texas, and for the growth that is expected to follow.
Cyr also thanked Pomerantz for her time with the company, including “guiding Freshpet through the pandemic.”
In the statement, the company reiterated its adjusted EBITDA guidance, including:
- Net sales of more than $575 million, an increase of about 35% over 2021;
- Adjusted EBITDA of more than $48 million, an increase of about 12% from 2021 (during the second half of 2022, this is expected to skew heavily to the fourth quarter because of increased revenue and higher pricing and consistent consumption growth, and lower marketing investment);
- Capital expenditures of approximately $320 million.