Thai Union Chief Finance Officer Joerg Ayrle will step down on 1 February, 2021, after seven years in the position, according to a Thai Union’s filing to the Stock Exchange of Thailand on 12 November.
Ludovic Garnier, currently head of group accounting and control, will replace Ayrle as CFO, with, the company saying he has “appropriate qualifications” to hold the position. However, Garnier will be acting CFO “until the Securities and Exchange Commission training requirement for CFO qualification has been completed,” Thai Union said.
When Ayrle was hired in 2014, Thai Union said he had “in-depth experiences in the financial sector ranging from accounting, treasury, M&A, to post-merger integration.” The company also praised his experience in playing key roles in several business turnaround projects.
This year, despite the COVID-19 pandemic, Thai Union has achieved positive business and financial results. Earlier this month, it reported record quarterly profit in the third quarter thanks to strong performance in its key business segments and a reduction in losses from its Red Lobster affiliate. Its net income in the quarter soared 49.7 percent year-on-year to THB 2.06 billion (USD 66.2 million, EUR 56.6 million), which Thai Union said is its highest quarterly profit level ever achieved.
The company earned a record-high quarter gross profit of THB 6.33 billion (USD 203.5 million, EUR 174 million) in the third quarter, up 24.6 percent year-on-year. It also had its highest-ever quarterly gross profit margin during between July September with 18.2 percent, up 15.9 percent from a year ago, due to an increase in its sales mix of its higher-margined branded ambient business.
Its strong sales activities in the quarter remained strong in the quarter, with revenue surging 9.3 percent year-on-year to THB 34.78 billion (USD 1.11 billion, EUR 955.9 million).
In the first nine months of 2020, Thai Union’s sales climbed 5.9 percent year-on-year to THB 98.94 billion (USD 3.2 billion, EUR 2.7 billion) while its net profit jumped 74 percent from a year earlier to THB 4.79 billion (USD 154 million, EUR 131.6 million).
Photo courtesy of Thai Union
