Saputo puts down roots in Florida

Saputo puts down roots in Florida

A growing share of Saputo’s top executives are putting down roots in the multinational’s new offices in Florida, it found. Press. A phenomenon that raises fears of an erosion of the Montreal headquarters of this Quebec flagship in favor of Miami.

Posted yesterday at 5:00 am

Julien Arsenault

Julien Arsenault
Press

The head of acquisitions, the head of the North American market, and the head of the new product niche now have their homes in the Sunshine State. Executive assistant to the chairman and CEO Lino Saputo Jr. has moved to Miami, a sign of the time he spends there himself. Other executives who spend much more time south of the border have begun to be paid in US dollars. It is also in this Florida branch where the heads of each of the international divisions meet when it is necessary to take stock.

The opening of this downtown Miami office was not particularly publicized by the dairy processor in June 2021, but financial analysts were able to quickly find out what brand the company is under.

“I am delighted that we have this office in Miami,” Mr. Saputo Jr. explained to them in August 2021 during a quarterly conference call. “We spend a lot of time here. We have meetings that go beyond the usual formal meetings. »

Saputo, Quebec’s fourth largest publicly traded company in terms of revenue ($15 billion), has a strong presence in Quebec with 2,100 employees, including 300 at its head office. He will soon be moving from Saint-Léonard to downtown Montreal, at 1000 De La Gauchetière.

However, the increased importance of the Florida office raises questions, especially since Florida is not synonymous with dairy farming. In the United States, the state is not among the top 10 places where the largest volumes of milk are produced and processed.

“It is something that needs to be monitored, that should concern us, yes,” says Laval University professor Jean Bédard, specializing in governance, wondering about the effect of teleworking. “It is still an administrative office that is open in another state. Ask questions. »


INFOGRAPHIC THE PRESS

a big market

The United States is Saputo’s largest market, present in five countries. The company generated 43% of its turnover there last year. This justifies the incorporation of the Florida office, says the dairy processor, which has not quantified the staff of its new branch.

“This office serves as a meeting place for our global and divisional teams, while increasing the presence of our leaders in the United States to support our strategy,” the company wrote in a statement sent to Press.

When asked about the importance of the Florida office, the company points out that “its roots are firmly rooted in Quebec” and that “the majority of the members of its corporate management team reside” in the province.

Located just steps from the Atlantic Ocean, Saputo’s Florida branch spans 17,800 square feet (1,650 square meters) and occupies one floor at 1450 Brickell Avenue, according to Savills. This 35-story skyscraper is located in the financial center of Miami.

There are executives previously domiciled in Montreal. This is the case for current president and chief operating officer for North America, Carl Colizza, who is among the top five highest-paid executives at Saputo. To move, he was entitled to $308,473, an amount that takes into account a tax increase.

The scenario is similar for Martin Gagnon, Director of Acquisitions. Previously based in the city, he plays a strategic role in the company, as acquisitions are at the heart of Saputo’s business model. Since its arrival on the Toronto Stock Exchange in 1997, the company has carried out more than 35 transactions for a total amount of close to 10 billion. In terms of revenue, Saputo ranks fourth among Quebec listed companies.

Another executive in a major role is now in Miami: Lawrence MacGillivray, senior vice president of dairy alternatives. He previously resided in the Montreal area when he was Senior Vice President of Sales for the Canadian Foodservice Division.

Mr. MacGillivray’s current position is important as it serves to establish Saputo’s strategy in its diversification into plant-based protein products.

More often

Two other executives who are among Saputo’s highest paid are also rooted south of the border.

Maxime Therrien and Gaétane Wagner, CFO and HR Director, respectively, officially work from Montreal. However, they are now paid in US dollars and have received approximately $170,000 and $160,000 in housing reimbursement and a stipend to set up the Florida office, the company’s most recent circular reads.

Also, Mr. Therrien and Mr.me Wagner owns properties within an hour of Saputo’s Florida office. A year ago, Therrien bought the unit next to the condo she purchased in 2017 and still owns, according to the Miami Property Registry. METERme Wagner became a condo owner in June 2021.

“It seems to me a kind of displacement, perhaps, due to a shared custody of certain members of the senior management”, emphasizes the director general of the IGOPP, François Dauphin.

To follow

Mr. Dauphin did not hide his amazement at the findings of Press. However, he was reassured by Saputo’s decision to move his headquarters to downtown Montreal.

“I recognize that it is worth monitoring how it will develop in the longer term,” said the expert, who considered the situation “somewhat abnormal” given the internationalization of Saputo.

Richard Leblanc, a governance, law and ethics specialist at York University in Toronto, believes it’s up to a company’s board of directors to oversee where top executives spend their time.

“It is curious that senior executives, in groups, are often away from the business location to make more than occasional decisions,” he says. This seems inappropriate to me. »

At Saputo, the chairman of the board is Mr. Saputo Jr., who also serves as the big boss. He is not considered an independent director.

Senior Management Saputo

  • Saputo's Chairman and CEO, Lino A. Saputo, resides in Florida.

    PHOTO PROVIDED BY SAPUTO

    Saputo’s Chairman and CEO, Lino A. Saputo, resides in Florida.

  • Gaétane Wagner, Director of Human Resources, resides in the Montreal area but is expected to spend more time in Miami.

    PHOTO PROVIDED BY SAPUTO

    Gaétane Wagner, Director of Human Resources, resides in the Montreal area but is expected to spend more time in Miami.

  • Maxime Therrien, CFO, resides in the Montreal area but is expected to spend more time in Miami.

    PHOTO PROVIDED BY SAPUTO

    Maxime Therrien, CFO, resides in the Montreal area but is expected to spend more time in Miami.

  • Martin Gagnon, Director of Acquisitions and Strategic Development, who moved to Miami in June 2021

    PHOTO PROVIDED BY SAPUTO

    Martin Gagnon, Director of Acquisitions and Strategic Development, who moved to Miami in June 2021

  • Carl Colizza, President and COO of North America, who moved to Miami in June 2021

    PHOTO PROVIDED BY SAPUTO

    Carl Colizza, President and COO of North America, who moved to Miami in June 2021

  • Frank Guido, President and COO of Canada, who left Quebec for Ontario between April 2019 and April 2020

    PHOTO PROVIDED BY SAPUTO

    Frank Guido, President and COO of Canada, who left Quebec for Ontario between April 2019 and April 2020

1/6

With the collaboration of Francis Vailles, Press

More information

  • 1954
    Year Saputo was born when Lino Saputo founded the company with his parents

    Saputo

    18,600 employees
    This is the company’s global workforce as of March 31

    saputo


#Saputo #puts #roots #Florida

Leave a Comment

Your email address will not be published. Required fields are marked *