CEO James Hill will leave his post at Young’s Seafood International Holdings at the end of the year to pursue other interests, the Grimsby, UK-headquartered company announced on December 1. He will retain a non-executive role as an advisor to the board of directors, and assist in facilitating a smooth leadership transition.
Bill Showalter, chief financial officer of the Holdings Group, will assume the chief executive officer position while also taking care of existing duties, which include financial control and corporate governance.
No changes will be made at the operating level, where Pete Ward will continue to hold full executive responsibility for company affairs as chief executive of Young’s Seafood Limited.
James Hill will soon hand over the Young’s Seafood International Holdings helm to Bill Showalter.Dale Morrison, chairman of the Holdings Group board, commenting on the pending change of command, said: “I’d like to thank James profusely for his contribution to the group. Under his leadership, we have been able to grow turnover and profit in each of the last three years, make important acquisitions and participate in a landmark transaction within the European food industry – no mean feat for a company that had previously endured challenging times. My congratulations also go to Bill, who has also been instrumental to the Holdings Group’s recent progress and who is fully capable of expanding his remit to include ceo duties.”
In August the parent company of Young’s Seafood sold its Findus brand rights and continental Europe business to Nomad Foods, which has acquired Birds Eye UK & Ireland, Iglo on the continent, and Findus Italy during the past year. Young’s Seafood continues to be backed by its existing group of investors, including Highbridge Principal Strategies, Lion Capital LLP and Sankaty Advisors, through the governance mechanism of the Young’s Seafood International Holdings Ltd.
Young’s Seafood Limited, formerly a unit of London-based Findus Sverige AB, is a multi-channel, multi-customer fishery products company with a broad portfolio of branded and private label value-added fish and seafood distributed to retail stores and restaurant operators. Its turnover (published fiscal results, for the year ending September 30, 2014) was close to £600 million, of which approximately £250 was attributed to Young’s brand sales across both frozen and chilled channels. Operating profit before exceptional operating costs and amortization amounted to £25 million and EBITDA was £36 million.
Young’s Gastro (a sub-brand) is now worth over £30 million, having grown by 60% in the last year, with 50% of sales being incremental to frozen fish. As well as launching a wide range of new innovation this autumn, Young’s has also extended the Funky Fish Kitchen range into the frozen sector. The company re-launched its brand this year across frozen and chilled segments, with the new master brand rolling out on pack and a new TV and multi-channel advertising campaign.
