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Posted 17 July, 2023

Whole Earth Brands, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:FREE in a 8-K filed on 17 July, 2023.


  In the interim, the Board has appointed Rajnish Ohri, the Company's current President and Chief Operating Officer - International Business (Branded CPG segment), and Jeffrey Robinson, the Company's current President Mafco (Flavors & Ingredients segment), to act as the Company's Interim Co-Chief Executive Officers, effective immediately.  

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Overview of Whole Earth Brands, Inc.
Consumer Goods • Food Products
Whole Earth Brands, Inc. operates as a food company. The firm operates through the following segments: Branded CPG and Flavors and Ingredients. The Branded CPG segment includes tabletop zero-calorie sweetener category products. The Flavors and Ingredients segment manufactures licorice extract and derivative products. Its brands include equal, Canderel, WHOLE EARTH, and PURE VIA. The company was founded on August 16, 2018 and is headquartered in Chicago, IL.
Market Cap
$204M
View Company Details
Whole Earth Brands, Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


As previously disclosed on June 27, 2023, Whole Earth Brands, Inc. (the "Company) received a non-binding proposal from Sababa Holdings FREE, LLC ("Sababa") to acquire all the Company's outstanding shares of common stock not already owned by Sababa (the "Sababa Proposal"), and certain of its affiliates (collectively with Sababa, the "Sababa Group").


On July 16, 2023, the Board of Directors of the Company (the "Board") unanimously resolved to place Mr. Michael Franklin, Chief Executive Officer of the Company, on a leave of absence, effective immediately. The Board determined that such action was required so the Board may adequately discharge its fiduciary duties in connection with the evaluation of the Sababa Proposal and other strategic alternatives that may be available to the Company, including maintaining the status quo as a standalone publicly-traded company. Mr. Franklin is a partner in Mariposa Capital, a family investment firm of which Mr. Franklin's father is the founder and CEO and which is an affiliate of the Sababa Group.


In the interim, the Board has appointed Rajnish Ohri, the Company's current President and Chief Operating Officer - International Business (Branded CPG segment), and Jeffrey Robinson, the Company's current President Mafco (Flavors & Ingredients segment), to act as the Company's Interim Co-Chief Executive Officers, effective immediately. Any additional compensation to serve as Interim Co-Chief Executive Officers has not yet been determined by the Board. There are no arrangements or understandings between Rajnish Ohri or Jeffrey Robinson and any other persons pursuant to which either individual was appointed as Interim Co-Chief Executive Officer, no family relationships among any of the Company's directors or executive officers and Rajnish Ohri or Jeffrey Robinson, and neither individual has any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.