Peter Åsberg plans to step down as CEO and president of Swedish food group Midsona but will stay on through a transition period until a replacement is found.
Åsberg said in a statement: "Since I started as CEO in 2007, Midsona has developed from a local niche player with a focus on dietary supplements to a leading European group in healthy and sustainable food.
“After a couple of challenging years, the group has made clear progress in 2024, and I feel that it is the right time for me to pass on the baton.”
Midsona's board will now begin the process of finding a successor to Åsberg, who had not responded to Just Food's request for more information on his departure at the time of writing.
Alongside the CEO notice today (31 January), the snacks to spreads and seasonings business also issued financial results for 2024, with organic growth coming in well below new annual targets set out early last year.
Last March, Midsona outlined a plan to achieve organic growth of 3%-5% on average per year, against a previous target of more than 15%.
For 2024, revenue on an organic basis fell 0.7% compared to a 6.6% decrease a year earlier. In reported terms, sales dropped 1.7% to Skr3.72bn ($337.3m).
Net profit improved, however, to Skr47m versus a Skr53m loss a year earlier. Diluted EPS also rebounded, coming in at a positive Skr0.33 from a Skr0.36 loss.
Operating profit increased to SKr128m from a Skr29m loss.
Looking ahead for the new year, Åsberg said in the results commentary: "As inflation normalises, interest rates in our core markets fall and purchasing power increases, interest in sustainable and healthy food will grow.
"In such a situation, Midsona is well positioned to achieve organic sales growth with strong margins."
Commenting on Åsberg's planned departure, Midsona's board chairman Patrik Andersson said: “The last few years have undoubtedly been challenging. Under Peter's leadership, Midsona has regained its position as a profitable company with a focus on continuing to grow.”
