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Alison Lewis, interim CEO of Hain Celestial. take the top spot permanently That’s as organic and natural product manufacturers look to turn around their struggling businesses.
Lewis took office as CEO last May. Since then, the focus has been on stabilizing sales, improving profitability, optimizing cash and deleveraging the company’s balance sheet. Hain’s Better Foods and Beverages portfolio includes: Terra Chips, Celestial Seasonings Tea, Greek God Yogurt.
“We are pleased with the bold steps she has already taken to reduce costs, the transformation agenda she has put in place to drive margins and growth, and her focus on advancing the strategic review,” Hain Chairman Dawn Zier said in a statement. “With Alison’s deep CPG expertise and strong track record of performance, we believe she is the best person to create shareholder value and lead Hain as our next CEO.”
Lewis is the third CEO to run the New Jersey-based company in the past three years. Wendy Davidson was ousted in May. I took on the top role after just over two years.
Despite operating in trendy categories such as gluten-free, high-protein, GLP-1 friendly and clean label, Hain faces stiff competition from General Mills, Nestlé and other companies that have launched better products of their own. At the same time, inflation, economic uncertainty and other headwinds have also weighed on business.
Lewis announced plans to exit unprofitable or low-margin SKUs. The company is also working to simplify its food and beverage portfolio by exiting or selling current operations. “Structurally disadvantaged” or “no right to win”.
Last September, Lewis said the company had hired an interim chief executive officer to help with rationalization and restructuring efforts as well as cost cutting.
Despite these measures, Hain continued to struggle. The most recent quarter ended September 30.. Net sales were $368 million, down 7% year-over-year, and the business was hurt by declines in the snacks segment.
