Eat Beyond Global Holdings Inc (CNSX: EATS) named Michael Aucoin as its new chief executive officer on Monday. He will be taking the helm from Patrick Morris, who has remained the company’s CEO since its inception in 2019. On his appointment, Aucoin said:
“We intend to compete in a wide cross-section of plant-protein verticals, as represented by our portfolio companies, with which we will work with closely to accelerate their success from operational and value creation standpoint. Eat Beyond is committed to leading the future of food and becoming the most successful Canadian plant-based food business operating globally.”
Eat Beyond to invest in capacity-building projects
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Aucoin joins Eat Beyond with over 25 years of experience in the consumer-packaged goods industry, having most recently served at MJA Consulting. He has also worked at several other notable companies, including Hershey’s, Smuckers, and Advantage Solutions.
Founded in the fall of 2019, Eat Beyond is a Vancouver-based investment issuer that makes equity investments primarily in the North American and European companies focused on developing and commercializing alternative food products, including the $50 billion plant-based protein market. On top of that, it is also active in the innovative food technology sector.
In its press release on Monday, Eat Beyond said it would expand its footprint in “technical innovation, research, and investments in capacity-building projects” to put its portfolio companies on an accelerated path to growth.
Chairman Don Robinson’s remarks
Commenting on CEO Morris’ departure, chairman Don Robinson said:
“Patrick Morris built a solid foundation and left the company in a strong position, poised for further growth. I welcome Mr Aucoin as the new CEO as we chart a new course in the plant-based sector, building a balanced portfolio that can deliver value to our portfolio companies and our investors while pushing the industry forward.”
Shares of the company tanked about 5% on Monday morning but recovered entirely later on.
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