The Costa Group Holdings Ltd (ASX: CGC) share price is dropping lower today despite a big announcement.
In afternoon trade the horticulture company's shares are down almost 1% to $3.90.
What did Costa announce?
This afternoon Costa announced that it has found its new Chief Executive Officer.
According to the release, the company has promoted its current Chief Operating Officer, Sean Hallahan, to the role of Chief Executive Officer and Managing Director with effect from 31 March 2021.
Prior to joining Costa, Mr Hallahan was Managing Director of Tata Global Beverages – ANZ and Indonesia for 7 years. He has also held a number of senior sales and marketing roles with major companies including George Weston Foods, Simplot, and SC Johnson.
Rigorous global search.
Costa's Chairman, Neil Chatfield, commented: "Sean's appointment is the culmination of a rigorous global executive recruitment search which included both internal and external candidates, following the notification by current CEO Harry Debney of his intention to retire from a full-time executive role."
"Sean has been Costa's Chief Operating Officer since October 2017 and we are delighted to have a person of Sean's calibre and experience who brings a deep passion for our industry as well as over 20 years senior management and CEO experience in FMCG, including a background with growth oriented organisations with an emphasis on delivering high quality product categories with strong customer focus," he added.
The company notes that it has a proud history of growing and marketing industry leading products with a focus on investing in sustainable commercial farming and innovation to support growth in superior genetics-based product categories.
The Costa board believes that Sean Hallahan is ideally placed to build on this, continue the solid performance of the business, and develop exciting growth opportunities for the company into the future.
