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August 12, 2022

Covetrus CFO to retire by year's end; search underway for successor

Covetrus building exterior File photo Covetrus, which is building a new headquarters in Portland, said a search is underway for a new CFO to succeed Matthew Foulston after he retires.

Covetrus Inc. (Nasdaq: CVET), a Portland-based provider of animal-health technology and services, on Thursday said its chief financial officer, Matthew Foulston, will retire as of Dec. 31. 

Foulston joined Covetrus in 2020 after a career leading technical, strategic and operational finance teams within a broad range of manufacturing, distribution and automotive companies, according to a news release.

“Matthew is a strong financial partner to our business, our leadership, our board and me," said Covetrus President and CEO Ben Wolin. "Plus, he’s a great advocate for our employees — one example being his development of the intern and mentoring programs that will extend beyond the finance team throughout the organization."

Foulston, a graduate of Loughborough University in the United Kingdom, joined Covetrus after two years as CFO at Kansas-based Compass Minerals Inc. (NYSE: COMP), his LinkedIn profile shows.

Before that he was senior vice president for operations, corporate finance and investor relations at Navistar International Corp. (NYSE: NAV), preceded by three years as vice president resident and CFO of Navistar Truck.

Foulston's planned departure from Covetrus comes amid a deal to take the Portland company private due to close in the second half of this year. The $4 billion acquisition, by private equity firm Clayton, Dubilier & Rice, was announced in May.

“It has been great to finish up my career working with such a talented team in such a dynamic industry,” Foulston said. “The sense of purpose and the long runway ahead for this business make Covetrus a very compelling place to work, and I look forward to seeing the Company’s continued growth and great success.”

Covetrus said that a search for Foulston's successor is underway, and that he is assisting in the process to ensure a smooth transition.

In its latest earnings report issued Aug. 4, Covetrus reported second-quarter net sales of $1.22 billion, an increase of 2% over a year ago.

The company also shrank its second-quarter net loss to $4 million, or 3 cents a share, from a net loss of $31 million, or 23 cents a share, a year earlier.

Covetrus attributed the quarterly improvement to a combination of factors: A $12 million decrease in income taxes year-over-year; a $9 million increase in gross profit over a year ago; a $4 million decrease in selling, general and administrative expenses over last year; and a $2 million decrease in net interest expenses over a year ago.

Covetrus employs more than 5,700 people worldwide, serving more than 100,000 customers.

The company's shares have a current market value of $2.91 billion, based on Thursday's closing price of $20.79. The stock has fallen 14.3% over the past year.

Covetrus was ranked No. 1 among the largest Maine-based public companies in the 2022 Mainebiz Book of Lists, based on revenue for fiscal year 2020.

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