Michael McCain, the CEO of Maple Leaf Foods, is stepping down next year, he’ll replaced by current president Curtis Frank.
Maple Leaf says that under McCain’s leadership, the company acquired in 1995 has been transformed from an under-performing collection of diverse business activities into a focused, world leader in sustainable food production.
(Image – Michael McCain – Twitter)
McCain told shareholders on Wednesday (May 4), “While in a year’s time I will be stepping down as CEO, and removing myself from the day-to-day activity, my efforts as executive chair will shift into a new capacity more heavily oriented to strategy, stewardship, oversight and guidance.
Maple Leaf has 21 plants across the country, including one in Brandon where they employ more than 2,200 workers.
McCain said the impact of the Omicron variant, including high levels of absenteeism, inflation and supply chain disruptions, challenged the company in the quarter.
Maple Leaf said it earned $13.7 million or 11 cents per share for the quarter ended March 31, compared with a profit of $47.7 million or 39 cents per share a year earlier.
Sales totalled $1.13 billion, up from $1.05 billion in the same quarter last year. The increase came as sales in its meat protein group rose to $1.09 billion for the quarter compared with $1.01 billion a year earlier, while sales for its plant protein business climbed to $44.9 million from $42.6 million.
On an adjusted basis, Maple Leaf says it earned three cents per share for the quarter, down from an adjusted profit of 27 cents per share a year ago.
(With reporting from The Canadian Press)
