Orior CEO Daniel Lutz to end decade-long stint [Yahoo! Finance]
NESTLE S.A S/ADR (NSRGY)
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Source: Yahoo! Finance
The board of directors, together with Lutz, "has reached an agreement that the company's leadership should be placed in new hands", the Zurich-headquartered group said in a statement. Orior named Lutz, a former Nestle executive, as its CEO in October 2014. In August, the company tweaked its sales and margin guidance lower amid what Lutz said at the time remained a “challenging environment”. Orior, behind brands including Albert Spiess cold meats, Biotta juices and Pastinella pasta, experienced a nearly 24% fall in EBIT in the first half of the year to SFr12.8m ($14.6m), with the EBIT margin dropping 130 basis points to 4.1%. Net profit during the period was down 27% at SFr9.4m. Orior said today (7 November) it has started the recruitment process for a new CEO. In a statement, the board expressed gratitude to Lutz for his tenure, specifically for “the successful internationalisation of the Orior group and handling of the extraordinary situation during the Covid crisis”.
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