US yarn manufacturer Unifi has announced the departure of its CEO Kevin Hall in what it called a “mutual” agreement.
In a statement yesterday (18 March), Unifi said Hall – who has led the firm since May 2017 – would resign as the company’s CEO and as a director of Unifi, both effective immediately.
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“We are grateful to Kevin for his service and leadership of Unifi over the past two years,” the company’s board of directors said.
Meanwhile, Albert Carey, currently the company’s non-executive chairman, has been elected as executive chairman effective 1 April. And Thomas Caudle Jr – the CEO of PepsiCo North America – has been appointed as the company’s principal executive officer.
Caudle previously served as the firm’s principal executive officer from April 2016 to May 2017 and will continue to serve as a director, president, and COO of the company. He is expected to retire from the PepsiCo North America position at the end of March.
“Unifi has a talented leadership team, and we are confident that Al’s and Tom’s proven leadership, knowledge of our businesses, commitment to our culture, and focus on value creation for shareholders have positioned them well to lead the company and to help execute its strategic plan,” the board added.
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By GlobalDataThe news comes as rising raw material costs continued to take a toll on Unifi in the second quarter, with the firm last month reporting a fall in net income to US$1.2m in the period, compared to $11.8m a year earlier. Net sales, however, increased to US$167.7m, compared to $167.5m last year.
