Paul Hodge, co-founder of Laird Superfood, is stepping down as president and CEO of the Sisters-based manufacturer but will remain on the company’s board of directors, the company said this week.
Hodge will remain in the role until a successor is named, according to a news release. The company has started a search and is seeking someone with experience scaling consumer packaged goods.
Laird Superfood makes plant-based food and beverage supplements such as coffee creamers. Earlier this year, it acquired Bend-based Picky Bars, which makes nutrition bars. The company went public last year and has been growing its footprint in Central Oregon since it was founded in 2015.
“It has been a privilege to lead this company for the past six years and I’m extremely proud of all we’ve accomplished together,” said Hodge in a written statement. “In a short period of time we’ve gone from ideation to creating a leading consumer brand and dominant omnichannel platform while staying true to our values around high-quality, natural ingredients and sustainability.”
Hodge said the company aspires to be a multi-billion-dollar brand but that in order to do so it needs someone who not only shares passion for the brand but has the skillset of growing a consumer packaged goods company.
“We are grateful for Paul’s vision in inventing and building the Laird Superfood brand from the ground up, and his leadership throughout a period of rapid growth,“ said Geoffrey Barker, chairman of the board, in a written statement. “On behalf of the entire board, I want to thank Paul for his efforts in making Laird Superfood the unique, dynamic company it is today, well positioned for substantial long-term growth. Paul will remain a valued member of the Company’s Board of Directors and we look forward to continuing our work together.”
This leadership change was announced at the same time the company reported second-quarter financial results. Company sales increased 64% year-over-year to $9.2 million in the quarter. However, the company widened its losses to $6.3 million, or 70 cents per share.
The bulk of company sales come from online channels.
For the first half of the year the company reported net sales of $16.6 million, up 50% compared to the first half of last year. For the first half of the year, the company lost $11.6 million, or $1.30 per share.
Chief Financial Officer Valerie Ells said in the earnings release that the company saw strong topline growth. She said the team made operations improvements in the first half of the year that will help meet long-term goals for profitability and margins.
“With over $43 million of cash and investments and essentially no debt, our balance sheet remains strong, providing the capacity and flexibility to pursue multiple growth drivers on our path to scale and profitability,” Ells said in a written statement.
