The CEO of Eight Fifty Food Group -- the parent of Young's Seafood and pork processor Karro Food Group -- has stepped down amid a management shakeup that comes seven months after the company was acquired by Canadian group Sofina Foods.
Di Walker, CEO of Eight Fifty Food Group, and Michael Kestemont, Group CFO, have stepped down from their respective roles, the company announced.
Michael Latifi, founder and executive chairman of Sofina Foods, will now head up the UK and European business.
The Canadian group reached a deal to acquire the Young's Seafood parent in March 2021, bringing the UK's largest seafood company under Canadian ownership.
Sofina Foods is one of Canada's largest food producers, supplying a diversified mix of proteins and brands to both the retail and foodservice sector.
With the addition of the Eight Fifty business, Sofina more than doubled its number of sites to 44, and nearly tripled its total workforce to 13,000 people, it said at the time.
The revenue of the new group is expected to be close to CAD $6 billion ($4.7 billion).
Private equity group CapVest Partners acquired Young's in 2019, two years after acquiring UK pork producer Karro Foods, as part of a plan to create a multi-protein group.
Eight Fifty Food Group also acquired German frozen fish producer Greenland Seafood for an undisclosed amount in October 2020, while there was also talk the company was looking to publicly list at some point this year.
"Following the acquisition of Eight Fifty Food Group by Sofina Foods earlier this year, I have spent considerable time learning about our UK and European operations with the objective of developing my priorities for growth," said Latifi.
Simon Smith will continued to lead Young's Seafood while Steve Ellis will continue to head up the Karro Pork business.