Peter Åsberg, the CEO and President of Swedish food group Midsona, has announced his decision to step down from his position. However, he will remain in his role until a suitable replacement is found to ensure a smooth transition. Åsberg, who has been leading Midsona since 2007, reflected on the company’s transformation from a local niche player focused on dietary supplements to a leading European group in healthy and sustainable food. He expressed confidence in the progress Midsona has made in 2024 and believes it is the right time for him to pass on the leadership baton.
The board of Midsona has initiated the process of searching for a successor to Åsberg. At the time of writing, Åsberg had not responded to inquiries from Just Food regarding his departure. Alongside this news, the company also released its financial results for the year 2024. Despite setting new annual targets earlier in the year, Midsona reported that organic growth fell below expectations. In March, the company had outlined plans to achieve an average organic growth rate of 3%-5% per year, a significant decrease from the previous target of over 15%.
For 2024, Midsona reported a 0.7% decline in revenue on an organic basis, an improvement from the 6.6% decrease recorded the previous year. Total sales dropped by 1.7% to Skr3.72bn ($337.3m). However, net profit showed improvement, reaching Skr47m compared to a loss of Skr53m in the previous year. Operating profit also increased to Skr128m from a loss of Skr29m. In the results commentary, Åsberg highlighted the potential for growth in sustainable and healthy food as inflation normalizes and purchasing power increases. He expressed confidence in Midsona’s ability to achieve organic sales growth with strong margins in the coming year.
Patrik Andersson, the Chairman of Midsona’s board, acknowledged the challenges of the past few years and praised Åsberg for his leadership in restoring the company to profitability and continued growth. He emphasized the importance of maintaining this positive trajectory as Midsona looks towards the future. As interest in sustainable and healthy food continues to grow, Midsona is well-positioned to capitalize on this trend and drive organic sales growth with strong margins.
In conclusion, Peter Åsberg’s planned departure from Midsona marks a significant transition for the company. His tenure as CEO has been instrumental in reshaping Midsona into a prominent player in the European healthy food market. As the search for his successor begins, Midsona remains focused on its strategic objectives and is optimistic about its future growth prospects in the evolving food industry landscape.
