Michael McCain is stepping down as CEO of Maple Leaf Foods

Michael McCain is stepping down as CEO of Maple Leaf Foods

Michael McCain, president and CEO of Maple Leaf Foods, announced Wednesday that he will become CEO and hand over CEO responsibilities to President Curtis Frank by next year’s annual meeting.Fred Lom/The Globe and Mail

Michael McCain is stepping down as CEO of Maple Leaf Foods Inc. MFI-T after 27 years at the helm of Canada’s largest meat producer, handing the top position to President Curtis Frank.

With the support of the Ontario Teachers’ Retirement Scheme, 63-year-old McCain and his family acquired Maple Leaf in 1995 from a British holding company and transformed a group of regional companies into a leading North American food producer, with 13,500 employees. in 21 facilities. Under his leadership, Maple Leaf’s market capitalization more than tripled to $3.5 billion.

Mr. McCain became a household name in 2008, when listeriosis from a Toronto plant contaminated his produce and more than 20 people died. He has earned respect for personally taking responsibility for the crisis.

Mr. McCain was also an early committed advocate of sustainability and building a purpose-based corporate culture. In an interview on Wednesday, He said his proudest moment as CEO came in 2019, when Maple Leaf became the world’s first carbon-neutral major food company. Mr. McCain said: “Compared to the largest American producers, we are the equivalent of a corner store. However, across the industry, we are recognized as leaders in sustainability.”

On Wednesday, Mr. McCain announced that he will become CEO and will hand over CEO responsibilities to Mr. Frank by next year’s annual meeting.

Mr. Frank joined Maple Leaf as a management trainee 22 years ago, rose up the sales side of the company and was appointed president and chief operating officer in 2018. Mr. McCain said the timing of the transition will be prompted by the completion of a select few, including the opening of a new 660-cost chicken processing plant. Million Dollars in London, Ontario. He said: This is a planned and targeted caliphate.

Mr. McCain said in a speech at the annual meeting of the Mississauga-based company.

“The McCain family is not going anywhere,” McCain said, and his 39 percent stake in the company is about $1.3 billion. “We have deep roots in the food industry and in this business, and we are fully committed to Maple Leaf from my generation to the next.”

According to analysts, Maple Leaf is well positioned for future growth. The company announced its financial results on Wednesday, with sales of $1.1 billion in the first three months of 2022, up 7 percent from the previous year, and profits plummeting 71 percent to $13.7 million, a decline that reflects the supply chain and the pandemic. Issues. In a report, Scotiabank’s George Dummett said: “Despite some near-term noise, we expect continued structural improvements in the margins (intensifying bacon and poultry facilities and giving breakeven in the factory segment).”

Maple Leaf is one of the largest producers of poultry and pigs in North America — it processed 108 million chickens and turkeys last year, along with four million pigs — and is a market leader in plant proteins. In 2018, Maple Leaf invested in Entomo Farms in Norwood, Ontario, North America’s largest producer of insects for human consumption.

Maple Leaf saw a second career for Mr. McCain, who was previously a senior executive at the family-owned McCain Foods business. Mr. McCain and his father Wallace left the Florenceville, NB business in 1995 after a succession dispute with Mr. McCain. McCain’s uncle, Harrison.

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2022-05-04 22:12:26

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