Wendy Davison had served as president and CEO at the New Jersey-based group – which owns brands including Linda McCartney’s, Ella’s Kitchen, Hartley’s and New Covent Garden Soup Co – since January 2023 and is being replaced on an interim basis by Alison Lewis.
The news comes alongside the announcement that year-on-year net sales fell 11% during Q3. This translated to a net loss of $135 million.
Lewis has been a board member since 2024 and has more than 30 years of experience working for consumer goods companies such as Kimberly-Clark Corporation and Johnson & Johnson.
With Lewis already in place, the board will now start its search for the firm’s next permanent CEO.
Commenting on the departure of Davison, Hain Celestial chair Dawn Zier said that the board felt it was the right time to transition to new leadership.
“We appreciate that Alison Lewis, a seasoned executive with vast industry and leadership experience, has agreed to serve as interim president and CEO while we execute our succession plan,” Zier added.
“Alison has a track record of driving superior in-market execution, delivering disciplined and profitable revenue growth, and leveraging innovation to create value. During this transition period, we will remain focused on maximizing the value of Hain.”
Commenting on her appointment, Lewis explained that she was looking forward to leading Hain Celestial as if she was taking on the role on a permanent basis.
“We are fortunate to have a capable leadership team, and we will continue to focus on enhancing our earnings power, strengthening our balance sheet and positioning the business for long-term success,” Lewis said.
In addition to the changes at the top, the board announced that it was conducting a comprehensive review of the company’s portfolio with the assistance of its independent financial advisor, Goldman Sachs & Co.
The review will consider a broad range of strategic options to enhance value, with no timetable for its completion provided.
“In light of recent performance, the board has decided that a thorough evaluation of the company’s strategy and portfolio is warranted to determine the best approach to maximize shareholder value,” Zier said.
“With this review underway, we remain focused on operating our business effectively, ensuring we have a strong path to achieve sustainable growth and value creation.”
