Post Holdings CFO Robert Vitale to move into CEO role on November 1
Vitale - who has been CFO since Post split from Ralcorp and begins his new role on November 1 - will be replaced by Jeff A. Zadoks.
President and COO Terence E. Block is to retire.
The move is part of a broader reorganization of Post that will split the business into three areas:
- Consumer brands (cereals and active nutrition - to be run by James Holbrook);
- Michael Foods (egg, cheese, potato products, pasta - to be run by James Dwyer Jr);
- Private-label (Attune Foods and Golden Boy Foods - reporting directly to Vitale).
Post has been on the acquisition trail since it was spun off from Ralcorp in 2012, vacuuming up a series of brands and businesses including PowerBar and Musashi; American Blanching Company (peanut butter); Golden Boy Foods (nut butters, dried fruits, snacking nuts); Dymatize Enterprises (protein powders, bars, supplements; Michael Foods (eggs, potato, and dairy products); Dakota Growers Pasta Co (private label pasta), PNC (Joint Juice and Premier Protein); Hearthside Food Solutions (cereal and granola); and Attune Foods (natural and organic cereal).
Post reported a net loss of $39.3 million in the quarter ended June 30 on revenues of $633m.
Acquisition challenges
Speaking to analysts on the Q3 earnings call, Block said: "Over the past 15 months, we have closed six acquisitions, transforming Post into a diverse consumer packaged goods holding company. We sought to counter the negative category trajectory in our core ready-to-eat cereal business, with acquisitions that compete in categories with better growth prospects driven by large secular themes."
But he added: "Rapidly building a diverse portfolio and transforming Post from $1 billion to a projected $4 billion in net sales brings challenges. During Q3, we experienced some acquisition-related challenges, as well as some of a legacy nature."
