Saputo founder to retire, son to take reins as chairman

Montreal – The founder of cheese and dairy processor Saputo Inc. will retire next summer, handing his position as chairman to his son, who remains chief executive officer.

Emanuele Saputo, the company’s founding chairman, has advised the company he will retire effective Aug. 1, 2017, according to a news release.

Effective Aug. 1, 2017, Lino A. Saputo Jr., chief executive officer and vice-chairman of board, will be appointed as chairman of the board. Saputo Jr. also will retain his responsibilities as company’s chief executive officer.

Saputo Inc. released its financial results for fiscal 2017 third quarter ended Dec. 31, 2016.

Third-quarter revenue was $2.966 billion Canadian versus the Institutional Brokers’ Investment Estimate of $2.98 billion Canadian.

Quarterly earnings per share were $0.49.

Fluctuation of the Canadian dollar versus foreign currencies during the quarter had a negative impact on revenues of about $44 million, the company said.