Maple Leaf CEO to Step Down Next Year

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.