FRESH DEL MONTE PRODUCE INC.

(FDP)
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Delayed Nyse  -  05/19 04:00:02 pm EDT
24.27 USD   -1.30%
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FRESH DEL MONTE PRODUCE INC : Change in Directors or Principal Officers (form 8-K)

01/14/2022 | 05:23pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

On January 10, 2022, the Company provided notice that Mr. Youssef Zakharia would leave his position as President and Chief Operating Officer of Fresh Del Monte Produce Inc. (the "Company") effective January 31, 2022.

On January 14, 2022, the Company announced that Mohammed Abbas, 46, is being appointed as the Company's Executive Vice President and Chief Operating Officer and will relocate to Coral Gables to work at the Company's headquarters. Mr. Abbas has served as the Company's Senior Vice President, Asia Pacific and Middle East Region since October 2019. Prior to that time, Mr. Abbas served as the Company's Vice President, Middle East and North Africa from January 2016 to October 2019 and as Vice President Fresh Produce from April to December 2015. Mr. Abbas served as the General Manager of Del Monte Saudi Arabia from June 2009 to March 2015. Prior to that time, he served as General Manager of Del Monte Foods UAE since the inception of the first unit in the MENA Region in January 2007 until May 2009.

In connection with his promotion to Executive Vice President and Chief Operating Officer, the Compensation Committee has agreed to initially increase Mr. Abbas' base salary by 15% and to increase his base salary to $850,000 once he has relocated to the United States which includes tax equalization from his prior jurisdiction. Mr. Abbas will continue to be eligible to participate in the Senior Executive Annual Incentive Plan with a target opportunity of 50% of his base salary, will receive, concurrently with the award of equity to each of the Company's other executive officers, time-based RSUs and PSUs, in each case with a value of 40% of his base salary and a Long Term Incentive Plan award set at 35% of his base salary.

There are no other arrangements or understandings between Mr. Abbas and any other person pursuant to which Mr. Abbas was appointed as Chief Operating Officer of the Company. There are also no family relationships between Mr. Abbas and any director or executive officer of the Company, and Mr. Abbas has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

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Financials (USD)
Sales 2022 4 368 M - -
Net income 2022 61,5 M - -
Net Debt 2022 - - -
P/E ratio 2022 19,0x
Yield 2022 -
Capitalization 1 176 M 1 176 M -
Capi. / Sales 2022 0,27x
Capi. / Sales 2023 0,26x
Nbr of Employees 40 055
Free-Float 71,3%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 24,27 $
Average target price 34,00 $
Spread / Average Target 40,1%
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Managers and Directors
Mohammad Ahmad Mohammad Abu-Ghazaleh Chairman & Chief Executive Officer
Monica Vicente Chief Financial Officer & Senior Vice President
Hans Sauter VP-Agricultural Services, Corporate R&D
Mohammed Abbas Chief Operating Officer & Executive Vice President
Michael J. Berthelot Lead Independent Director
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