Late last week Private brand beverage manufacturer Lassonde Industries Inc. announced today that profit attributable to the Company’s shareholders for fiscal 2020 was up 35.9%. Lassonde posted sales of $1,980.9 million in 2020, up 18.0% from $1,678.3 million in 2019. Excluding the $175.4 million in sales from Sun-Rype, an entity acquired on January 3, 2020, and a $13.3 million favorable foreign exchange impact, adjusted sales were up 6.8% year over year. The 2020 profit attributable to the Company’s shareholders totaled $97.6 million compared to $72.0 million last year. Excluding the impacts of the Sun-Rype acquisition and of a gain of $13.8 million, net of tax, realized in 2019 following the settlement of an insurance claim, the 2020 profit attributable to the Company’s shareholders was up $34.5 million year over year.
Lassonde also announced the appointment of Vincent R. Timpano to succeed Jean Gattuso as President and Chief Operating Officer of Lassonde as of October 1, 2021. Lassonde has previously announced that in accordance with its succession plan, Gattuso indicated his decision to step down on September 30, 2021.
Since his appointment in September 2020 as President and Chief Executive Officer of Lassonde Pappas and Company Inc. (“LPC”), Lassonde’s largest manufacturing and sales subsidiary of ready-to-drink juices and drinks, Mr. Timpano took on the oversight of the strategic growth and development of our U.S. operations. During the six-month transition period provided for in the Corporation’s succession plan, he will benefit from the support of the Corporation’s executive team as he transitions to his new set of responsibilities, while Mr. Gattuso maintains his current role until September 30, 2021.
“The choice of Mr. Timpano as successor was clear because of his leadership, his expertise in the area of consumer products, his success managing LPC and his alignment with our values. He will succeed Mr. Gattuso who, over the last 34 years with Lassonde, contributed exceptionally to the growth and expansion of the Corporation on both sides of the border. This transition between executive officers will ensure continuity of a proven business model,” said Nathalie Lassonde, Chief Executive Officer and Vice Chairman of the Board of Directors and Pierre-Paul Lassonde, Chairman of the Board of Directors.
Vincent R. Timpano will soon join Lassonde’s management team at the Rougemont head office, from where he will be carrying out his duties.
“I am excited about the prospect of working with Nathalie Lassonde and the rest of the management team to continue implementing the Corporation’s business strategy. Lassonde has a strong entrepreneurial spirit, a portfolio of quality brands and a sound financial position,” said Mr. Timpano.
Mr. Timpano has a solid track record as a corporate officer with extensive commercial and operational experience. Over the past 20 years, he has served in various executive roles, including President, Global Coalitions at Aimia Inc., President of Coca-Cola Canada and President and Chief Executive Officer of The Minute Maid Company Canada. In addition, Mr. Timpano has served on numerous boards, including as Chair, with United Way Toronto. He currently serves on the board of advisors with The Napoleon Group of Companies.
Mr. Timpano is a graduate of the Institute of Corporate Directors, Rotman School of Management of the University of Toronto and received an MBA from the Ivey Business School of the University of Western Ontario.