Kraft Heinz's CEO, Bernardo Hees, is the the latest CEO to announce his exit from a food company, as the industry goes through unprecedented turnover and challenges.
Kraft Heinz's Bernardo Hees is the latest CEO to announce his exit from a food company, as the industry goes through unprecedented turnover and challenges.
Irwin Simon, the founder and chief of Hain Celestial Group, had been the second-longest tenured CEO when he left weeks after Morrison June. Simon, who held the top job at the natural foods company since 1993, stepped down as the company came under activist pressure.The CEO merry-go-round underscores the challenges iconic food brands are facing.
"You need patience, trial and error," said Martin Roper, former CEO of Boston Beer,"and investors, analysts and even journalists don't have that patience." As such, the multiple of bigger deals have leaped in valuation. The multiple for deals valued at more than $1 billion, jumped from 13 times EBITDA in 2016 to 20 times EBITDA in 2017, according to Dealogic. The multiple on deals valued below $500 million edged slightly down from 20 times to 19 times.
"There are many examples in which companies are perceived to have overpaid and the brand becomes nuclear internally. No one wants to be associated with it and its fate is sealed," said Chris Harned, a New York City-based partner with food and beverage firm Arbor Investments.
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