Yo­gurt maker Chobani to re­place CEO with pres­i­dent

The Pak Banker - - COMPANIES/BOSS -

Greek yo­gurt maker Chobani is con­sid­er­ing re­plac­ing Chief Ex­ec­u­tive Hamdi Ulukaya with its Pres­i­dent and Chief Op­er­at­ing Of­fi­cer Kevin Burns, the New York Post re­ported, cit­ing peo­ple fa­mil­iar with the mat­ter.

One of the pri­mary rea­sons for the re­moval of Ulukaya, founded the company, is a prod­uct re­call in 2013 that led to neg­a­tive EBITDA of $87 mil­lion in the fourth quar­ter, the pa­per re­ported, cit­ing in­ter­nal doc­u­ments it re­viewed. (bit.ly/1xso0h9)

The re­call was a re­sult of bad de­sign and lay­out in­cor­po­rated dur­ing the con­struc­tion of the company's $450 mil­lion Idaho fac­tory, and due to lack of train­ing for work­ers, the Post re­ported.

Ulukaya, who built the fac­tory, kept a lot of his key ex­ec­u­tives in the dark as they con­tin­ued to spend freely amid mount­ing losses and in­creas­ing chaos at the fac­tory, the re­port said.

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