- After less than four years in the position
- Praise and thanks for Colo
- David Bratcher taking over
- Colo said 70 words
(exechange) — Atchison, Kansas, November 2, 2023 — David Colo, chief executive of MGP Ingredients, leaves his position. As announced by MGP Ingredients Inc. in a news release and in a regulatory filing published on Thursday, November 2, 2023, David J. Colo leaves his post as chief executive officer at the provider of distilled spirits, after less than four years in the role, effective December 31, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
David Colo’s duties as CEO will be taken over by David S. Bratcher, currently Chief Operating Officer and President of Branded Spirits at MGP Ingredients Inc.
“Deliberate succession planning”
The management change is explained as follows. MGP Ingredients stated: “Bratcher’s appointment is a reflection of the Company’s deliberate succession planning.”
Precise information regarding David Colo’s future plans was not immediately available.
“Retire”
MGP Ingredients said: “David Colo will retire from his role as Chief Executive Officer and President of MGP, effective December 31, 2023.”
Share price increase since May 2020
The announcement follows an increase in MGP Ingredients Inc.’s share price of 146% since May 2020. May 2020 is the month in which Colo’s tenure as CEO began.
In the position of CEO since 2020
David Colo became CEO of the Company in 2020.
Colo will remain with MGP through April 2024, serving in an advisory role to facilitate a smooth transition.
Colo will also resign from the Board of Directors effective December 31, 2023, and the Board has nominated Bratcher for election as a Class B director effective January 1, 2024, subject to preferred stockholder approval.
Colo has been the Company’s Chief Executive Officer since May 2020 and the President since March 2020.
He also served as the Company’s Chief Operating Officer from March 2020 to May 2020.
Prior to joining the Company, he served as President, Chief Executive Officer and a director of SunOpta, Inc., a leading global company focused on natural food, ingredient sourcing, organic food, and specialty foods, from February 2017 to March 2019.
He served as Executive Vice President and Chief Operating Officer of Diamond Foods, Inc. from 2013 until March 2016.
He joined Diamond Foods in 2012 as Executive Vice President of Global Operations and Supply Chain.
For the three years prior to joining Diamond Foods, Colo served as an independent industry consultant, focusing on organizational optimization and planning.
From 2003 to 2005, he served as President of ConAgra Food Ingredients.
Before his employment at ConAgra Foods, Colo spent several years with Nestle-Purina Pet Care Company in roles of increasing responsibility, including Vice President of Supply for the company’s Golden Products Division and Vice President of Store Brands and Venture Development.
He also served two years as President of the American Dehydrated Onion and Garlic Association.
70 words by David Colo
In the release announcing his departure as CEO of MGP Ingredients Inc., David Colo received praise and thanks.
In announcing his departure, David Colo said 70 words.
“Such a talented and capable leader”
David Colo stated: “It has been a privilege to work with the Board of MGP and a talented and passionate group of employees throughout the Company, altogether who have achieved significant results in a number of areas the past few years. I have worked closely with David Bratcher during the past couple of years and we are fortunate to have such a talented and capable leader to be the next CEO of MGP.”
Push-out Score for David Colo’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that David Colo was pushed out or felt pressure to leave his position.
exechange reached out to MGP Ingredients and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2023 ($).