The company’s supervisory board has, consequently, decided that Roeland Tjebbes and Pieter Wolleswinkel, chief financial officer (CFO) and chief operating officer (COO), respectively, will temporarily take over the tasks and responsibilities of the CEO.
The Dutch feed manufacturer also announced that it is releasing a revised strategy, based on changing market circumstances, on November 17.
Deen, who succeeded Yoram Knoop as CEO, joined ForFarmers on July 1, 2022. He has ultimate responsibility for all strategic and operational affairs.
Prior to joining ForFarmers, he was CEO of Aviko, one of the four largest potato processors in the world and subsidiary of cooperative Royal Cosun. Deen also held CFO and CEO positions in Bakkersland.
Positive results
Commenting on the 2022 first-half results ForFarmers on August 11, the new chief executive talked up the “better-than-originally-expected” first-half results.
“This is a great achievement by the team amid challenging market conditions due to the war in Ukraine and the consequential further increase in raw material and energy prices. Our total volumes fell, mainly due to a decline in the pig sector in Netherlands/Belgium and the UK, whereas poultry volumes in Poland grew. The cost increases could only be passed on in the chain in the course of the second quarter. This explains the result improvement versus the first quarter. Finally, the absolute rise in gross profit in the first half-year was higher than the absolute increase in operating expenses. Underlying EBITDA consequently was higher than originally expected.”
Looking ahead then, the said that there were still many uncertainties at present, especially due to the war in Ukraine, a potential new Covid wave and the low water levels in the rivers in the Netherlands. “The tightening of the strategy in light of all the aforementioned developments is in full swing and underpins our confidence in the future.”