The CEO of Maple Leaf Foods is stepping down effective next year, to be replaced by the company’s president and COO.
Michael McCain, a member of the family that owns a majority of Maple Leaf, will transition next spring to executive director of the company’s board. The new CEO will be Curtis Frank, president and chief operating officer, a 21-year Maple Leaf veteran.
"While in a year's time I will be stepping down as CEO, and removing myself from the day-to-day activity, my efforts as executive chair will shift into a new capacity more heavily oriented to strategy, stewardship, oversight and guidance," McCain said during an annual meeting May 4.
Maple Leaf Foods increased its sales 7.6% last quarter, to $1.13 billion Canadian ($880 million U.S.). Earnings, however, were down 71%, to CA$13.7 million.
