Michael McCain has resigned as chief executive officer (CEO) of Maple Leaf Foods (MFI) after three decades at the packaged meats company.
Curtis Frank, the president and chief operating officer at Maple Leaf Foods will takeover as CEO, the company said in a written statement.
Michael McCain will remain as executive chair of Maple Leaf Foods’ board of directors, and his family will continue as the company's largest shareholder.
News of McCain’s departure comes as Maple Leaf reported a first quarter quarter loss of
$57.7 million or $0.48 per share, compared with a profit of $13.7 million or $0.11 a share a year earlier.
Revenue in the quarter ended March 31 of this year totalled $1.17 billion, up 4% from $1.13 billion a year earlier.
Analysts, on average, had expected an adjusted loss of $0.10 per share and $1.16 billion in revenue, according to Refinitiv data.
In a news release, the company said its supply chain is returning to normal and it is taking advantage of renewed access to Chinese markets for its meat products.
Maple Leaf Foods’ stock has risen 2% in the last 12 months to trade at $27.43 per share. Over five years, the stock is down 6%.
