Whole Earth Brands announce new executive appointments, amends credit agreement

Whole Earth Brands (FREE) announced an evolution of its leadership organization with new executive appointments, as well as an amendment to its credit agreement which allows for added near-term flexibility with increased leverage covenants. The Company also reaffirmed its outlook for full year 2023 ahead of its first quarter earnings release on May 10, 2023. Nigel Willerton, Founder of Wholesome Sweeteners, Named as President and COO of Branded CPG North America Region. Rajnish Ohri, Formerly VP and MD of Whole Earth Brand’s Branded CPG IMEA Region, Named as President and COO of Branded CPG International Region. Appoints Bernardo Fiaux as Chief Financial Officer. Bernardo Fiaux joins the Company as Chief Financial Officer effective April 24, 2023. Concurrent with Fiaux’s appointment, Duane Portwood will step down from his post as Chief Financial Officer, but will remain with the Company for a short period to support the transition. Fiaux joins Whole Earth Brands from The Kraft Heinz Company (KHC), where he most recently served as CFO for the Meals, Condiments, and Foodservice division in North America. The Company announced today that it has entered into an amendment, effective April 24, 2023, to its Amended and Restated Credit Agreement with its lenders which increases the consolidated total leverage ratio covenant to provide near-term flexibility and improved access to its revolving credit facility. The amendment temporarily increases the leverage ratio by 0.25 turns for the first quarter of 2023, 0.5 turns on a quarterly basis through the fourth quarter of 2023, and 0.25 turns in the first quarter of 2024.