Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

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.

Sign up for Enews

Mainebiz web partners

Related Content

0 Comments

Register for free to read more articles.

Register Now

Already have an online account? Login

To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy

Allow Cookies