Whole Earth Brands, Inc. (the “Company”) (Nasdaq: FREE) a global
food company enabling healthier lifestyles through premium
plant-based sweeteners, flavor enhancers and other foods, today
announced that Chief Executive Officer Albert Manzone will step
down as CEO and member of the Whole Earth Brands Board of Directors
(the “Board”) to pursue other business opportunities, effective
January 1, 2023. The Board has appointed Michael Franklin to serve
as the Company’s Interim Chief Executive Officer, effective January
1, 2023. Mr. Franklin currently serves on the Company’s Board of
Directors. After January 1, 2023, Mr. Manzone will assist the
Company and Mr. Franklin in the orderly transition through February
28, 2023.
“On behalf of the Board, we thank Albert Manzone
for his service to Whole Earth Brands over the last seven years,
including his contributions in taking Whole Earth Brands public and
leading the Company through the unprecedented challenges of the
pandemic,” stated Irwin D. Simon, Executive Chairman. “Since
Michael’s appointment to the Board in August, he has immersed
himself in the business and has made excellent contributions – his
objective approach and experience working with organizations and
their people to enhance operational efficiencies and focus on
long-term value creation made him an ideal candidate for the
Interim CEO position and we look forward to his future
contributions.”
Mr. Manzone stated, “I am very proud of what our
team at Whole Earth Brands has been able to accomplish, and I am
confident in their ability to drive continued growth in the
exciting sweetener category. I have enjoyed working with Mr.
Franklin since he joined the Board and I look forward to assisting
him as he transitions into his new role. I’m grateful to have had
the opportunity to lead this great Company and wish the team
continued success.”
Mr. Franklin commented, “Whole Earth Brands has
an impressive portfolio of brands and an experienced team. I look
forward to working with our leadership team and our dedicated
employees around the world during this transition to continue
building momentum with our leading brands while addressing
opportunities in adjacent categories. I firmly believe in the
long-term potential of this Company and our ability to deliver
value for shareholders.”
Mr. Franklin added, “Looking ahead, the business
remains well positioned heading into 2023. Through a combination of
organic revenue growth, driven by new innovation and distribution,
and our unrelenting focus on productivity, we continue to expect to
generate positive free cash flow next year and improve our capital
structure.”
In addition to serving on the Whole Earth Brands
Board of Directors since August 2022, Mr. Franklin is currently a
Partner at Mariposa Capital LLC (“Mariposa”), a Miami-based family
investment firm focused on long-term value creation across various
industries, including consumer packaged goods. In his role at
Mariposa, Mr. Franklin actively supports operational improvements
and M&A execution across a portfolio of companies. Mr. Franklin
serves as a board member of Royal Oak Enterprises LLC and Curio
Brands Holdings LLC. Prior to joining Mariposa, Mr. Franklin served
as a private investor at Viking Global Investors LP. He started his
career in investment banking at Centerview Partners LLC. Mr.
Franklin holds a Bachelor of Science degree in Economics from the
University of Pennsylvania’s Wharton School of Business.
Reiterates 2022 Guidance
The Company reaffirms its fiscal year 2022
guidance provided on November 9, 2022.
About Whole Earth Brands
Whole Earth Brands is a global food company
enabling healthier lifestyles and providing access to premium
plant-based sweeteners, flavor enhancers and other foods through
our diverse portfolio of trusted brands and delicious products,
including Whole Earth Sweetener®, Wholesome®, Swerve®, Pure Via®,
Equal® and Canderel®. With food playing a central role in people’s
health and wellness, Whole Earth Brands’ innovative product
pipeline addresses the growing consumer demand for more dietary
options, baking ingredients and taste profiles. Our world-class
global distribution network is the largest provider of plant-based
sweeteners in more than 100 countries with a vision to expand our
portfolio to responsibly meet local preferences. We are committed
to helping people enjoy life’s everyday moments and the
celebrations that bring us together. For more information on how we
“Open a World of Goodness®,” please visit
www.WholeEarthBrands.com.
Forward-Looking Statements
This press release contains forward-looking
statements (including within the meaning of the Private Securities
Litigation Reform Act of 1995) concerning Whole Earth Brands, Inc.
and other matters. These statements may discuss goals, intentions
and expectations as to future plans, trends, events, results of
operations or financial condition, or otherwise, based on current
beliefs of management, as well as assumptions made by, and
information currently available to, management.
Forward-looking statements may be accompanied by
words such as “ability,” “believe,” “can,” “continue,” “could,”
“drive,” “expect,” “future,” “guidance,” “growth,” “improve,”
“looking ahead,” “long-term,” “may,” “new,” “opportunity,” “plan,”
“potential,” “will,” or similar words, phrases or expressions.
Examples of forward-looking statements include, but are not limited
to, the statements made by Messrs. Simon, Manzone and Franklin, and
our 2022 guidance. Factors that could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to, the Company’s ability to identify
and complete acquisitions or divestitures and our level of success
in integrating acquisitions; risks arising from the ongoing
Russia-Ukraine war and related economic disruptions; extensive,
evolving, and new governmental regulations on our business that
impact the way the Company operates, including but not limited to
the potential impact on our sales, operations and supply chain;
adverse changes in the global or regional general business,
political and economic conditions, including the impact of
continuing uncertainty and instability in certain countries, that
could affect our global markets and the potential adverse economic
impact and related uncertainty caused by these items; the extent of
the impact of the COVID-19 pandemic, including the duration,
spread, severity, and any recurrence of the COVID-19 pandemic, the
duration and scope of related government orders and restrictions,
the impact on our employees, and the extent of the impact of the
COVID-19 pandemic on overall demand for the Company’s products;
local, regional, national, and international economic conditions
that have deteriorated as a result of the COVID-19 pandemic,
including the risks of a global recession or a recession in one or
more of the Company’s key markets, and the impact they may have on
the Company and its customers and management’s assessment of that
impact; the impact of the COVID-19 pandemic on the Company’s
suppliers, including disruptions and inefficiencies in the supply
chain; and the Company’s ability to offset rising costs through
pricing and productivity effectively.
These forward-looking statements are subject to
risks, uncertainties and other factors, many of which are outside
of the Company’s control, which could cause actual results to
differ materially from the results contemplated by the
forward-looking statements. These statements are subject to the
risks and uncertainties described from time to time in the
Company’s filings with the U.S. Securities and Exchange Commission
(the “SEC”), including the Company’s most recent Annual Report on
Form 10-K for the fiscal year ended December 31, 2021, as filed
with the SEC on March 14, 2022, and the Company’s most recent
Quarterly Report on Form 10-Q, as filed with the SEC on November 9,
2022.
You are cautioned not to place undue reliance
upon any forward-looking statements, which are based only on
information currently available to the Company and speak only as of
the date made. The Company undertakes no commitment to publicly
update or revise the forward-looking statements, whether written or
oral that may be made from time to time, whether as a result of new
information, future events or otherwise, except as required by
law.
Contacts:
Investor Relations Contacts:Whole Earth
Brands312-840-5001investor@wholeearthbrands.com
ICRJeff Sonnek646-277-1263jeff.sonnek@icrinc.com
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