Oatly Group AB (Nasdaq: OTLY), the world’s largest oat drink company, announces today that Global President Jean-Christophe Flatin has been named the company’s next CEO effective June 1, 2023. Concurrently, the Swedish oat giant states it is on track to create profit in 2024 following global robust revenue growth in Q1, with total revenues increasing $29.5m, compared to $166.2M for Q1 in 2022.
“We delivered a solid start to the year, with an acceleration of growth, sequential gross margin expansion, and an improvement in profitability. Importantly, the supply chain has continued to perform well. This strong supply chain performance has enabled us to make progress against our 2023 priorities and start playing offense again,” said present Oatly CEO, Toni Petersson.
“I’m incredibly proud of what Oatly has accomplished as a Company over the last decade –– building an entirely new category”
Petersson, who has served as CEO since 2012, is to step across to the role of Co-Chairman of the Board of Directors. In his new role, Petersson will provide support to Mr. Flatin during the transition period and focus on strategic initiatives, including advising on Oatly’s business in China.
The new CEO arrived at the company in 2022 with over 30 years of experience at Mars, where he led the multi-billion dollar growth of the Royal Canin cat and dog food business as Global CEO and President, and managed multiple global brands as President of the Global Chocolate division. Oatly states in a press release that, over the course of the last twelve months, Flatin has led several initiatives for Oatly, including simplifying the Company’s organizational structure, driving cost and resource efficiencies across all regions, and instituting a new operating model that sets the stage for future profitable growth.
“I am humbled and honored by the opportunity to lead this great organization. Oatly is a once-in-a-generation company with the teams, purpose, and products that are second to none. We have all the elements in place to strengthen our leadership position in multiple markets and fuel the societal shift to a more sustainable plant-based food system,” comments Flatin.
“I would like to thank Toni and the Board of Directors for their confidence and trust, and our employees for welcoming me so warmly. I’m excited to continue to partner with our entire leadership team to unlock Oatly’s full potential and drive long-term shareholder value,” he adds.
Says Toni Petersson: “Jean-Christophe is a proven leader and the ideal person to help usher Oatly in our next phase. He has already strengthened our Company for the better by putting our supply chain back on firmer footing, renewing our focus on innovation, and enabling our organization to go on offense to drive profitable growth.
“I’m incredibly proud of what Oatly has accomplished as a Company over the last decade –– building an entirely new category, growing our portfolio of innovative products, and establishing a global brand with a singularly unique identity and voice. I look forward to continuing to work with Jean-Christophe, the Board, and the entire Oatly team to realize our long-term mission to make it easier for people to live healthier lives without recklessly taxing the planet’s resources,” concludes Petersson.
