Calavo Growers, Inc. Announces Departure of Chief Financial Officer

SANTA PAULA, Calif., May 03, 2022 (GLOBE NEWSWIRE) — Calavo Growers, Inc. (“Calavo”) (“Company”) (Nasdaq-GS: CVGW), a global avocado industry leader and a value-added fresh food provider, announced today that Chief Financial Officer Mariela Matute will be leaving Calavo to take up a CFO role at another company. She will remain with Calavo until May 19, 2022 to help with the transition.

Calavo President and CEO Brian W. Kocher, whose experience includes CFO and CFO roles, will assume the role of the company’s interim CFO until a successor is appointed. appointed. The Company will immediately begin the search for a new permanent CFO.

“Mariela has made a significant contribution to our organization since she’s been with Calavo,” Kocher said. “She described her new opportunity as simply too good an opportunity to pass up, and we wish her the best in her new role.

“While this news is unfortunate, it will not discourage or delay our efforts to improve our operational performance,” Kocher continued. “We have a structure in place to carry out our initiatives like Project Uno. We have processes that Mariela helped establish that will ensure the smooth continuity of our business. We have a talented team that is more than capable of stepping in and stepping up the search for a new CFO.

“I remain confident about our future. Calavo has brought sequential improvement to our business and we continue to improve. I am as excited today as I was yesterday about our opportunities and our ability to deliver on our vision and goals for our shareholders,” Kocher concluded.

About Calavo Growers, Inc.
Calavo Growers, Inc. (Nasdaq: CVGW) is a global leader in quality produce, including avocados, tomatoes and papayas, and a pioneer in fresh, healthy fruits, vegetables and prepared foods. Calavo products are sold under the trusted Calavo brand, exclusive sub-brands, house brands and store brands.

Founded in 1924, Calavo has a rich culture of constant innovation, sustainable practices and market growth. The company serves retail grocery stores, food service, club stores, mass merchants, food distributors and wholesalers worldwide. Calavo is headquartered in Santa Paula, California, with processing plants and packaging facilities in the United States and Mexico. Learn more about The Fresh™ family on calavo.com.

Forward-looking statements
This press release contains statements regarding Calavo’s future events and results (including certain business projections and trends) that are “forward-looking statements”, as defined in the Private Securities Litigation Reform Act of 1995, that involve risks , uncertainties and assumptions. These statements include, but are not limited to, statements relating to filling the permanent position of Chief Financial Officer and positioning for long-term growth and profitability. These statements are based on our current expectations and are not promises or guarantees. Should any of the risks or uncertainties materialize, or should assumptions prove incorrect, Calavo’s results could differ materially from those expressed or implied by such forward-looking statements and assumptions. The risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements include, but are not limited to, the following: reliance on personnel key, including personnel who have not yet been hired, and the ability of our future management team to work together successfully; the impact of the COVID-19 pandemic on our business, results of operations and financial condition, including, but not limited to, disruptions in our product manufacturing and supply chain operations related supporting our ability to deliver our products to consumers, impacts on our employees and uncertainty about our ability to implement health and safety measures for our employees, uncertainties regarding consumer demand for our products, the impact on our foodservice customers, increased costs, the impact of government trade restrictions imposed as a result of COVID-19 and the possible negative impact of COVID-19 on our goodwill and other intangible assets; our ability to increase prices, particularly in our RFG and Foods segments, to offset increased costs of goods sold, and the impact of such price increases on future net sales; the seasonality of our business; our business’s sensitivity to changes in market prices for avocados and other agricultural products and other raw materials, including fuel, packaging and paper; potential disruptions to our supply chain; risks associated with potential future acquisitions, including integration; potential exposure to data breaches and other cyberattacks on our systems or those of our suppliers or customers; dependence on large customers; potential for labor disputes; dependence on co-packers for a portion of our production needs; competitive pressures, including from foreign producers; the risks of recalls and food-related injuries to our customers; change consumer preferences; the impact of environmental regulations, including those related to climate change; our ability to develop and transfer new products and services and improve existing products and services to meet customer needs; risks associated with international business (including possible U.S. and foreign government restrictive measures, such as restrictions on remittances and COVID-19 and trade protection measures such as import/export/customs duties , tariffs and/or quotas and currency fluctuations); risks associated with receivables, loans and/or investments in unconsolidated entities; volatility in the value of our common stock; the impact of macroeconomic trends and events; and the resolution of ongoing investigations, legal claims and tax disputes, including an assessment imposed by the Mexican Tax Administration Service (the “SAT”) and our defenses against collection activities initiated by the SAT. For a more in-depth discussion of these and other risks and uncertainties facing us, please see the risk factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates. later day that can be contained. in our quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made only as of the date of this press release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information , future events or otherwise.

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