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Tropicana Brand Group Paul Chibe as CEOThe orange juice maker has tapped its former Pabst leader to revive sales as it battles financial difficulties and fruit shortages.
Chibe succeeds Glen Walter, who will assume an advisory role with the company until the end of the year. Walter led the $3.3 billion Tropicana Brands Group. Spin-off from PepsiCo. Investment firm PAI Partners owns the majority of Tropicana, while PepsiCo maintains a controlling 39% stake in the brand.
Chibe’s appointment is effective immediately. His experience includes work across the CPG space, most recently as CEO of privately held Pabst Brewing Company, where he was credited with leading significant growth, according to a press release.
He also served as president and CEO of Ferrero North America, expanding the confectionery company’s presence throughout North America, according to a press release. Previously, he served as U.S. Chief Marketing Officer for Anheuser-Busch InBev, where he launched several innovative products.
“Paul’s experience driving growth through innovation, adapting to a dynamic consumer environment, and integrating complex operating environments will be impactful at TBG,” Frédéric Stévenin, Chairman of Tropicana Brands Group and Co-Managing Partner of PAI Partners, said in a press release.
Tropicana Brands Group’s portfolio includes juice brands Tropicana, Naked, KeVita, Izze, Copella and Dole. After the spin-off, the company said: We wanted to accelerate growth. Expand into other beverage consumption segments through innovation.
The juice maker has been trying to revive itself after reports earlier this year that the company could be headed for bankruptcy. PAI Partners provided the company with a $30 million emergency loan. CNN reportedPepsiCo valued its investment at $135 million last quarter.
Climate change has also created a long-term headwind, with U.S. orange supplies plummeting due to a series of hurricanes and plant diseases. Tropicana orange supplier Alico withdrew. Citrus industry at the beginning of the year“Growing citrus is no longer economically viable.”
