Chiquita Picks a New CFO

Charlotte, N.C.-based Chiquita Brands (NYSE: CQB  ) will soon have a new chief financial officer -- and a new chief operating officer, too. Sort of.

On Wednesday, the banana producer announced that its current CFO, Brian W. Kocher, will be laterally promoted to COO upon filing of the company's Q1 earnings report next month and that new hire, Rick Frier, will replace him in the CFO's post. Frier, previously CFO of privately held Catalina Marketing Corp., is described as having "a strong finance and operational background" and "experience in leading organizations through turnaround situations."

That's good news for Chiquita, which posted only 2% sales growth last quarter and remains unprofitable.

Chiquita did not disclose all the details on its new CFO's compensation plan, but says in an SEC filing that it plans to award Frier $900,000 worth of restricted stock, vesting over four years, as part of his compensation.

Chiquita shares are not reacting particularly positively to news of the new hire, however. Shares are currently trading down 0.4% at $8.50. 

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2385031, ~/Articles/ArticleHandler.aspx, 4/1/2015 5:24:27 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...