©High Liner Foods
Frozen seafood company High Liner Foods has re-appointed Henry Demone as its chief executive officer.
Demone previously served as High Liner CEO between 1992 and 2015, before stepping aside to become chairman of the board. He was replaced at the time by chief operating officer Keith Decker, who is now leaving his post as CEO after little more than two years.
Henry Demone.
“The board and I are confident that the company is pursuing the right strategy to grow our business and create long-term shareholder value,” Demone said. “As CEO, I am looking forward to working more closely with the High Liner Foods leadership team on the execution of this strategy and on pursuing our growth opportunities.”
During his first tenure as CEO of High Liner Foods, Demone led the company’s transformation from a regional fishing and processing operation to a global seafood procurer, and a leading supplier of frozen seafood throughout North America. He was also responsible for leading the business through significant growth and played a key role in several acquisitions, particularly in the latter years of his terms, including American Pride Seafoods and the US subsidiary of Icelandic Group.
Keith Decker was announced as High Liner CEO in May 2015.
But since Demone’s departure two years ago, the company has recorded two successive full-year results in which it failed to return growth. Sales were more than $500 million lower at the end of the last financial year than they were during 2014, and are $8 million lower in the year to date than the first half of 2016.
The announcement of Decker’s departure coincides with the release of High Liner’s second-quarter results, in which it showed sales of $232.4 million and operating income of $13.4 million. It’s a similar story to Mondelēz, which earlier this month announced that long-time CEO Irene Rosenfeld was leaving, coinciding with the release of its second-quarter results.
“On behalf of the board, I would like to thank Keith [Decker] for his contribution to High Liner Foods and wish him all the best with his future endeavours,” Demone said.
© FoodBev Media Ltd 2024