Monde Nissin CEO Henry Soesanto said in a statement on Thursday that David Flochel, who was an executive of Heineken, will take over as Quorn CEO, replacing Marco Bertacca, in January next year.
“Marco has decided to step down as the CEO of Quorn Foods as he believes that the next phase of the business will benefit from new ideas and renewed energy,” Soesanto said.
“I thank him for his hard work during a very difficult time including the COVID pandemic. Marco will be succeeded by David Flochel, who has successfully led the transformation of several food and beverage businesses. David has recently joined us and will take over responsibility as CEO in January,” he added.
Monde Nissin said on Thursday net income in the third quarter fell by 13.8 percent to P2 billion amid losses in the meat alternative business and foreign exchange losses.
Overall revenues, including the flagship Asia-Pacific Branded Food and Beverage business, grew 3.2 percent to P61.1 billion during the first nine months of the year while third-quarter revenue grew by 3.4 percent.
“Given the continued challenges in the Meat Alternative business, we plan to streamline costs and simplify operations through a restructuring and business transformation that will affect all parts of the organization,” Soesanto said.
Turnaround in 2025
“We are targeting our Meat Alternative business to be earnings before interest, taxes, depreciation and amortization positive in 2025 with a total cash savings of GBP [Great British Pounds] 8 million in 2024 and 2025, and we expect recurring annual cash savings of GBP 8 million,” Soesanto said.
“The cash cost to implement will be approximately GBP 8 million in 2024 and 2025, which will be partially funded from the restructuring savings. We believe these actions will put the business on a stronger footing and better set up for future success,” he added.
