Dive Brief:
- Del Monte Foods appointed Jim Caltabiano, a long-time consumer-packaged-good finance executive, as its new CFO, effective Dec. 1, according to a Monday news release.
- Caltabiano, who was most recently executive vice president and CFO for the frozen food manufacturer Ajinomoto Foods North America, also previously spent a decade at Campbell Soup where he held multiple roles including CFO of the company’s Fresh Division. Earlier in his career he worked for Procter & Gamble and General Mills.
- The Walnut Creek, Calif.-based Del Monte is the U.S. subsidiary of Del Monte Pacific Limited (DMPL). Caltabiano will report to Parag Sachdeva, the CFO of DMPL who was previously CFO of the U.S. unit, according to a company spokesperson.
Dive Insight:
DMPL, an iconic food company that is home to such food brands as DelMonte, Contadina and College Inn, reported last week that the group’s sales rose 7% to USD $698.9 million in the second quarter, of which $506.3 million came from sales in its U.S. subsidiary, according to an earnings release.
Like many companies this year, Del Monte has faced challenges as it battled inflation by raising certain prices and other strategies. The company’s gross margin increased to 28% during the quarter from 24.9% as a result of price increases in line with inflation, cost cutting and reduced sales of low-margin products.
“We are excited to share our buoyant second quarter results, a commendable feat in this inflationary environment. We remained agile in seizing opportunities to generate better sales and profit, including avenues to lower our financing cost and expenses,” said Joselito Campos Jr., MDPL’s managing director and CEO, said in the earnings statement.
Caltabiano’s appointment comes as the company is seeking to strengthen its branded product portfolio.
The company purchased Kitchen Basics, a line of ready-to-use stocks and broths, from McCormick & Co., as part of the company’s growth strategy, according to an August report by Food Dive, CFO Dive’s sister publication.
