Maple Leaf Foods announced a phased in leadership transition on Wednesday. 

Michael McCain is moving from his role as President and CEO over to the Executive Chair of the Board, but remain on as CEO for the next year. 

Curtis Frank moves into the role of President and COO with plans to step into the CEO role by the spring of 2023.  

Maple Leaf Foods also released its first quarter financial results.

McCain saying that as fully expected, intense Omicron impacts, including high levels of absenteeism, inflation, and supply chain disruptions, challenged us operationally.

First Quarter 2022 Highlights

  • Total Company sales grew 7.0% to $1,126.6 million, with an Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)(i) Margin of 5.9%.
  • Meat Protein Group sales grew to $1,089.4 million, an increase of 7.5% year over year. Adjusted EBITDA was $97.5 million, and Adjusted EBITDA Margin was 9.0%.
  • Plant Protein Group sales were $44.9 million, an increase of 5.2% excluding the impact of foreign exchange.
  • Capital expenditures were $89.4 million and consisted mainly of Construction Capital(i) of $54.8 million, primarily related to the London, Ontario poultry facility.

Outlook

  • Meat Protein: Expect mid-to-high single digit sales growth with Adjusted EBITDA Margin expansion near the lower end of the 14% – 16% target by the end of 2022.
  • Plant Protein: Targeting to deliver neutral or better Adjusted EBITDA in the latter half of 2023.

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