Mexican dairy company Grupo Lala has announced its chief executive officer Mauricio Leyva will step down at the end of the year.
Leyva has held the CEO position since September 2018.
In a statement, Lala said the company’s results for the fiscal year “have fallen short of stated goals and objectives”. Lala’s board of directors has begun a process to identify and appoint a new CEO.
The company has reappointed Arquímedes Celis Ordaz to the role of CEO on an interim basis.
Celis, who retired as Lala’s CEO in 2015, first joined the company in 2001. During his tenure at the helm, Lala grew sales organically by 11.6% and EBITDA by 11.2% annually.
Group Lala said Celis has more than 37 years of experience in related senior management roles “with extensive experience in sales, marketing and operations”. Celis also serves on the board of directors of Pilgrim’s Pride Corporation.
Earlier this year, Grupo Lala relocated its corporate headquarters to the WeWork Santa Fe complex in Mexico City.
Upside Foods has become the first company in the world to receive a “No Questions” letter from the US Food and Drug Administration (FDA) for cultivated meat, poultry or seafood, which means the government food agency accepts Upside’s conclusion that its cultivated chicken is safe to eat.
While inflation and heightened interest rates have created the threat of a possible recession, Technomic’s first trend predicts the impact on the foodservice industry to be relatively mild. The company estimates rising grocery prices will help close the value gap between dining at home or at a restaurant, incentivizing consumers to eat out.
A week after Beyond Meat, Inc., said it was pivoting to improve company performance, Oatly Group AB announced its own pivot. Following weak third-quarter results, the company is shifting to a “hybrid” manufacturing model and reducing costs in its Europe, Middle East and Africa (EMEA) region through cost and headcount reductions.