The Hain Celestial Group, Inc.’s Founder, President, and CEO Irwin D. Simon will be stepping back into the role of Non-Executive Chairman of the Board as the company announced a succession plan.
"When I founded the company 25 years ago, one of my goals was to educate and change the way the world eats and lives through a relentless focus on providing organic, natural and better-for-you products to consumers,” Simon said. “I am incredibly proud of the company we have built. It has been a privilege to lead our dedicated team and drive our mission forward."
Since its inception, Hain Celestial has grown into one of the leading companies in natural and organic products, with operations in North America, Europe, Asia, and the Middle East.
"Hain Celestial has been a visionary in the organic and natural products industry, and we are still leading the way. This is an exciting time of business transformation for us as we build upon our considerable achievements and advance our strategic growth and cost savings objectives via Project Terra to create shareholder value,” Simon continued. “I firmly believe that some of our greatest opportunities lie ahead, and I am confident now is the right time for our next generation of leadership. I look forward to working with the Board of Directors in its search for the next Chief Executive Officer as we seek to capitalize on our enviable position as a leader in organic, natural, and better-for-you products."
Simon will become Non-Executive Chairman of the Board for a transition period to work closely with the incoming Chief Executive Officer. Hain Celestial's Board of Directors said in a press release that it has engaged a leading global executive search firm to assist the Corporate Governance and Nominating Committee in identifying a successor for the role of President and Chief Executive Officer.
"Irwin is an incredible entrepreneur and pioneer in the organic and natural foods industry, where he started with a vision and built it into a $3 billion company,” Andrew R. Heyer, Lead Director, commented. “On behalf of the Board of Directors and the entire Hain Celestial team, I want to thank Irwin for his vision, leadership, commitment, and tremendous contributions over his distinguished 25-year career since founding Hain Celestial."
Heyer continued, stating that "the Board of Directors is committed to conducting a thorough and comprehensive search to identify the best person to serve as the company's next President and Chief Executive Officer. In addition, the Working Group previously established by our Board of Directors to consider strategic alternatives for the company, continues to aggressively evaluate its portfolio of businesses, brands, and operating strategy to further enhance shareholder value."
The company remains on track to complete the divestiture of Hain Pure Protein Corporation during the first half of fiscal year 2019, per its fiscal year 2018 financial guidance provided in May. Deli Market News will report as this story develops.