Daily Newsletter

15 November 2023

Daily Newsletter

15 November 2023

Flagship Food Group names ex-Kraft Heinz executive new CEO

Prior to joining Flagship, Butler worked for Kraft Heinz for 17 years up to this year. He was most recently president of Kraft Heinz’s business in Canada.

Eszter Racz November 15 2023

Flagship Food Group has appointed former Kraft Heinz executive Adam Butler as its new CEO.

Prior to joining Flagship, Butler worked for Kraft Heinz for 17 years up to this year. He was most recently president of Kraft Heinz’s business in Canada.

Gary Lim is listed as CEO on Flagship's website. His LinkedIn profile says he has been at the helm since 2008.

The company made no mention of Lim in its statement announcing the appointment of Butler. It did state executive chairman Rob Holland would become chairman.

On the hiring of Butler, Holland said in the statement: “We are so excited about Adam joining our company as we enter a new chapter of growth of our brands, products and facilities. Having acquired five businesses and more than doubled our business in recent years, we’ve been carefully considering candidates for this position for quite some time.”

According to the statement, the company said Butler will be “charged with continuing the rapid growth the company has been driving in its brands in recent years, while also creating a strategy to bring unity and cohesion to the overall enterprise”.

In a LinkedIn post, Butler said: “Flagship is one of the most material, influential and rapidly ascending leaders in the dynamic and growing Hispanic food space and is poised to disrupt the landscape with premium and better for you brands and products that consumers go completely bonkers for.”

Flagship is headquartered near the US city of Denver. The company operates five plants and warehouses across California, Kansas and New Mexico, as well as in Mexico. It also has sales, R&D and support facilities in Colorado, California, Idaho and Minnesota.

The producer’s portfolio includes tortillas, salsa, green chile, dips, guacamole, and frozen snacks. The company has brands such as 505 Southwestern, La Tortilla Factory, Yucatan Guacamole, TJ Farms, Hatch Kitchen, and Young Guns. Flagship also manufactures private-label products for retailers and food companies.

Despite rising demand for vegan cheese, complex processes and high production costs could limit market growth

Per GlobalData, the global vegan cheese market will be valued at $1.4 billion in 2023 and is expected to grow at a CAGR of 16.7% by 2030, primarily driven by the rise in the vegan and vegetarian population. However, its production often involves more complex processes and expensive ingredients like nuts or plant-based proteins, leading to higher production costs, which are then passed on to consumers, making vegan cheese more expensive per unit compared to dairy cheese, which could thereby impede its widespread adoption.

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