Chobani Denies document That CEO Hamdi Ulukaya shall be eliminated As Chairman
a piece of writing in the big apple put up used to be “absolutely false,” the yogurt firm says.
January 5, 2015
these days the the big apple submit, citing unnamed sources, pronounced that Hamdi Ulukaya would quickly be ousted as chairman and CEO of the Greek yogurt juggernaut he founded nearly 10 years ago. however the story was misleading in more than one respects: For one, the company introduced means again in April that it might be installing a new CEO. Two, Chobani says there aren’t any plans to dispose of Ulukaya from his role as chairman. And three, Ulukaya continues to work full-time at Chobani despite transitioning far from operational management.
Peter McGuinness, chief advertising and marketing and model officer, tells fast company there is no fact to the rumors that Ulukaya’s leadership is in jeopardy. “It’s absolutely false,” McGuinness says. “he will stay owner, founder, and chairman. he’ll companion with the CEO that he chooses.” As for the timeline, McGuinness says: “There’s no arduous and quick cut-off date. He desires to verify he gets the fitting individual.”
Ulukaya, nonetheless the company’s greatest shareholder, currently spends two to a few days per week at his workplace in downtown new york. otherwise he’s working from New Berlin, the big apple—the web site of Chobani’s first manufacturing unit and the up to date house he built nearby—or travelling the $450 million manufacturing unit in Idaho that used to be the supply of the mildew that sickened just about 200 clients and led to a devastating 2013 product don’t forget.
After that incident, Chobani says it realized its lesson. the company brought in operational veterans to counterpoint its inexperienced founder and brokered a $750 million deal with private fairness agency TPG Capital in the type of a 2nd-lien mortgage, the use of the cash to upgrade its tools. TPG now owns 20-35% of the company; Kevin Burns, technically a TPG employee, has been serving as meantime president and chief operating officer of Chobani.
There are nonetheless indicators of rising pains: as an example, initial plans for a 2015 IPO had been pushed again to 2016. (“We’ll do it after we need to and after we’re ready,” McGuinness says.) but the Greek yogurt class is growing at double-digit rates, consistent with Nielsen, and McGuinness says he anticipates double-digit growth for Chobani in the year ahead.
As of press time TPG had not replied to a request for comment.
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