NORWHICH, NY
Chobani Founder Hamdi Ulukaya is stepping down from his position as CEO, and will look for a replacement this year.
This decision is part of a deal that Ulukaya worked out with private-equity firm TPG a year ago that gave Chobani a much-needed $750 million investment, on the condition that he appoints a new CEO within a year, according to The Wall Street Journal.
Ulukaya has acknowledged that the company has grown beyond his ability to run it, the Wall Street Journal reports, and also admits making a series of mistakes that began in 2013 and cost the company both sales and market share.
While Chobani has struggled and lost grip of its majority on the Greek yogurt market, rivals Dannon and Yoplait have been steadily gaining ground.
Hamdi Ulukaya will reportedly retain his position as Chairman of the company.
