Costa (ASX:CGC) share price lower despite appointing new CEO

The Costa Group Holdings Ltd (ASX:CGC) share price is dropping lower despite announcing the appointment of its new CEO…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Costa Group Holdings Ltd (ASX: CGC) share price is dropping lower today despite a big announcement.

In afternoon trade the horticulture company's shares are down almost 1% to $3.90.

What did Costa announce?

This afternoon Costa announced that it has found its new Chief Executive Officer.

According to the release, the company has promoted its current Chief Operating Officer, Sean Hallahan, to the role of Chief Executive Officer and Managing Director with effect from 31 March 2021.

Prior to joining Costa, Mr Hallahan was Managing Director of Tata Global Beverages – ANZ and Indonesia for 7 years. He has also held a number of senior sales and marketing roles with major companies including George Weston Foods, Simplot, and SC Johnson.

Rigorous global search.

Costa's Chairman, Neil Chatfield, commented: "Sean's appointment is the culmination of a rigorous global executive recruitment search which included both internal and external candidates, following the notification by current CEO Harry Debney of his intention to retire from a full-time executive role."

"Sean has been Costa's Chief Operating Officer since October 2017 and we are delighted to have a person of Sean's calibre and experience who brings a deep passion for our industry as well as over 20 years senior management and CEO experience in FMCG, including a background with growth oriented organisations with an emphasis on delivering high quality product categories with strong customer focus," he added.

The company notes that it has a proud history of growing and marketing industry leading products with a focus on investing in sustainable commercial farming and innovation to support growth in superior genetics-based product categories.

The Costa board believes that Sean Hallahan is ideally placed to build on this, continue the solid performance of the business, and develop exciting growth opportunities for the company into the future.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Opinions

2 ASX shares I have been buying in 2024!

I’m a believer in the long-term outlook of these stocks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »