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Freedom Foods acting CFO resigns, new CFO appointed | Farm Online



Embattled dairy processor Freedom Foods new chief financial officer Josee Lemoine has taken up the position this week.

Ms Lemoine’s appointment is a key part of the company’s move to try to rebuild after a disastrous 12 months.

In November the financially stretched food processor announced a $174.5 million statutory loss after tax for 2019-20 and a 125 per cent blow out in debt to $275 million.

It also admitted to a blowout in write-downs and revised financial reports totalling almost $600 million over several years during what was previously portrayed as a time of rapid growth.

This followed shock revelations in June of a board investigation finding a trail of unexpected debts, revenue shortfalls and outdated inventory at the company.


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