Marc Zwaaneveld Marc Zwaaneveld has been given the added job of co-chief executive officer of Greenyard, after being on job as chief transformation officer for less than a month. The Sint-Katelijne, Belgium-headquartered vegetable and fruit company is in the throes of a turnaround program as it copes with pressure on sales and margins attributed to highly competitive retail market conditions throughout Europe, especially in Germany and Belgium.
Zwaaneveld, who was ceo and director of the Eindhoven, Holland-headquartered Van Gansewinkel waste management enterprise before it merged with the Milton Keynes, Buckingshire, UK-based Shanks Group (now doing business as Renewi plc) two years ago, will share the Greenyard ceo position with Hein Deprez, who is the company’s largest shareholder.
Hein DeprezDeprez will intensify his focus on the rollout of Greenyard’s strategic partnership model with its retailers, while Zwaaneveld has been tasked with “guaranteeing an embedded, efficient and seamless implementation of the transformation plan throughout the company, allowing for a fast and efficient revitalization,” according to a statement issued by the firm on February 12.
Following initial analysis of improvement areas together with an external consultancy firm, Greenyard is preparing action plans while implementing cost savings programs. It is also taking next steps toward funding options that could include raising additional capital.
The company’s sales last year fell by 4.5% over the previous year, which impacted margin generation given that Greenyard operates at limited percentage margins. Therefore, its REBITDA forecast was revised for AY 2018/19 to a range of €60-65 million, after deconsolidation of its horticulture business, which was sold end the end of 2018 for £120 million.”
While third quarter sales figures have not been detailed, the latest downturn followed a 3.6% drop in sales to €1.98 billion during the first half of the year through the end of last September. During that period REBITA fell nearly 40% to €41.2 million, and a total loss of €113 million was posted.
Shares of Greenyard stock traded on the Euronext Brussels Exchange closed at €3.42 when this story was filed on February 12. The quote was down dramatically from €7.60 a month ago and €19.04 on February 14, 2018.
Meanwhile the company, which employs more than 9,000 people in 25 countries and typically generates approximately €4 billion in sales per annum, vows to continue working hard to improve results and restore confidence among investors. It will provide updates with more details about the implementation of action plans within the next few weeks.
