- Push-out Score determined
- After about three years in the position
- Praise and thanks for Bolles
- James Hall taking over
- Bolles will remain as President at Curation Foods
- Bolles spoke at length and said 138 words
(exechange) — Santa Maria, California & Minneapolis, Minnesota, August 10, 2022 — Al Bolles, chief executive of Landec, leaves his position. As announced by Landec Corp. in a news release and in a regulatory filing published on Wednesday, August 10, 2022, Albert D. (Al) Bolles leaves his post as chief executive officer at the specialist in polymer products for food and agriculture products, after about three years in the role, effective immediately.
Al Bolles’s duties as CEO will be taken over by James G. Hall, most recently President at Lifecore.
Lifecore Biomedical, Inc. is the wholly owned biomedical subsidiary of Landec.
“Project SWIFT is substantively complete”
Landec did not give an explicit reason for Al Bolles’s departure from the CEO post. Craig Barbarosh, Chairman of the Board of Landec, said: “Now that Project SWIFT is substantively complete, Dr. Bolles has agreed to transition to President of Curation Foods, Inc. to oversee the remaining disposition activities.”
Bolles will remain as President at Curation Foods
“Dr. Albert Bolles will serve as President of Curation Foods, Inc. to oversee the remaining disposition activities related to the remaining Curation Foods businesses,” Landec said.
Landec said: “On August 10, 2022 (the “Effective Date”), Dr. Albert Bolles and Landec Corporation (the “Company”) entered into a Transition and Separation Agreement (the “Separation Agreement”) providing for Dr. Bolles separation from the Company. In accordance with the Separation Agreement, Dr. Bolles resigned as the Company’s Chief Executive Officer and as a director of the Board of Directors of the Company (the “Board), effective immediately, to transition to serve as President of Curation Foods, Inc., a wholly owned subsidiary of the Company.”
Share price increase since May 2019
The announcement follows an increase in Landec Corp.’s share price of 7% since May 2019. May 2019 is the month in which Bolles’s tenure as CEO began.
In the position of CEO since 2019
Al Bolles became CEO of the Company in 2019.
Albert D. Bolles has served as a member of the Board of Directors since May 2014.
Bolles also currently serves on the Board of Directors of SunOpta, Inc (NASDAQ:STKL), where he is a member of its Corporate Governance Committee, and serves as a director of Arcadia Biosciences, Inc. (NASDAQ:RKDA), where he is a member of its Nominating and Corporate Governance Committee.
Prior to becoming the Company’s President and CEO on May 23, 2019, Bolles was Chairperson of the Company’s ad hoc Food Innovation Committee and a member of the Company’s Compensation and Nominating and Corporate Governance Committees.
From April 2014 until August 2015, Bolles served as Executive Vice President, Chief Technology & Operations Officer of ConAgra Foods, Inc. (now Conagra Brands, Inc. (NYSE:CAG)) (“ConAgra”), a leading consumer products food company with net sales exceeding $16 billion.
Prior to this role, Bolles was Executive Vice President, Research, Quality and Innovation for ConAgra, championing the development and execution of multiple new and improved products, realizing incremental growth for ConAgra and facilitating a multi-year pipeline to sustain and advance growth further.
Prior to joining ConAgra in 2006, Bolles served as Vice President, Worldwide R&D for the Beverages and Foods division of PepsiCo, Inc. (NASDAQ:PEP), responsible for global R&D leadership for beverages (Pepsi, Gatorade, and Tropicana) and Quaker Foods including product, process, package and sensory R&D, Nutrition, Quality, and Scientific & Regulatory Affairs.
His prior employment was with Gerber Foods for over 8 years with his last role being its R&D Director, overseeing infant and toddler global research and development.
Bolles has a Ph.D. and Masters of Science in Food Science, and a Bachelor of Science in Microbiology, all from Michigan State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Al Bolles’s move on a scale of 0 to 10.
exechange reached out to Landec and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2022 ($).