Four of Chobani’s top executives, including the president and chief operating officer, have abruptly resigned as the company delayed its initial public offering yet again.
President and COO Peter McGuinness gave notice last week of his departure effective March 18, according to a report in the Wall Street Journal. Also leaving are chief people officer Grace Zuncic, chief strategy officer Michelle Brooks and chief corporate affairs officer Cristina Alesci.
The departures come after Chobani has again delayed an initial public offering. It had originally scheduled one for last fall, then again for last January, hoping for a valuation of up to $10 billion. However, a volatile stock market and disappointing performance by previous food company IPOs held Chobani back. The departure of McGuinness and the other executives was caused at least in part by the IPO delays, sources told the Journal.
Chobani pioneered Greek yogurt in the U.S., and has more recently moved into other products, including oat milk, creamers and refrigerated coffee. The company had record sales of $1.2 billion for the first nine months of 2021, but posted a net loss of $24 million.