Very Good Food Company Appoints New CEO

Carol Ortenberg Jul. 6, 2022 at 3:29 PM

The Very Good Food Company (VGFC) has announced Parimal Rana, previously VP of operations, as its new CEO effective immediately, a move that brings stability to the c-suite after a series of executive changes that saw the plant-based food company’s founders, president/CFO and interim CEO all depart in rapid succession.

Rana, who will take over from interim CEO Matthew Hall, joined VGFC roughly a year ago, having previously served as VP of food safety and operations at Daiya Foods and corporate quality assurance manager at Nature’s Path, among other roles..

Rana will be tasked with helping VGFC shift from growth to profitability, after a last minute $6.5 million cash infusion pulled the company back from the brink of shutting down last month.

“We’ve made notable headway in our effort to stabilize the business and it’s the right time for Parimal to assume the role of CEO,” Hall said in a press release. “[Parimal] is well prepared to build on the operational improvements that have been put in place and to realize Very Good’s future growth potential.”

Before the new funding, the company already downsized, closed several of its plants and discussed cutting back SKUs. As of today, VGFC is trading at $0.24 a share, nowhere close to the high of $7.10 per share it commanded in December 2020.

The executive shakeup began in early April when both of VGFC’s co-founders, CEO Mitchell Scott and chief research officer James Davidson, were ousted, with the company’s board offering a choice between resignation or termination. At that time Anna Silva, then president, was named the temporary leader for VGFC along with an executive committee, only to resign within weeks when the board announced Hall would be joining as interim CEO.

Despite its rocky financial state, the company is still adding new retailer accounts. In the past six weeks, VGFC announced 180 Meijer locations had picked up its Original Ribz and Very Good Steak, while 2,000 Loblaw’s banners now carry its 2-packs of its Cajun Sausage, Bratwurst Sausage, Meatballs, Very Good Ribs and Very Good Steak.

“It is a privilege for me to take over as CEO,” Rana said in a statement. “Matt’s interim leadership has resulted in a notable change of direction and greater stability for our business, and we’re now well positioned to leverage our strengths and focus on future growth.”