Saputo Inc. Announces CEO Transition

Lino A. Saputo to assume Executive Chair of the Board as part of transition out of President and CEO role; President and COO (North America) Carl Colizza to become President and CEO of Saputo Inc.

MONTRÉAL, May 14, 2024 (GLOBE NEWSWIRE) -- Saputo Inc. (TSX: SAP) (we, Saputo or the Company), one of the top ten global dairy processors, today announced its plan for executive leadership succession. Lino A. Saputo, Chair of the Board, President, and CEO, indicated to the Board of Directors his intention to transition from President and CEO to a role of Executive Chair of the Board. In this capacity, Mr. Saputo will continue to provide invaluable oversight of the Company’s strategic development to drive value creation. The transition will take effect on August 9, 2024, the date of the Company’s upcoming Annual General Meeting.

As part of the transition, the Board of Directors is pleased to announce the appointment of Carl Colizza, currently President and COO (North America), as the new President and CEO of Saputo Inc. Since joining Saputo in 1998, Mr. Colizza has held key leadership positions in the area of engineering, operations, business development and strategy. He was appointed President and COO, Dairy Division (Canada) in 2015 before taking on the role of President and COO (North America) in 2019. His dedication to Saputo’s core values and his proven track record make him the ideal candidate to lead the Company into its next chapter of growth and innovation.

“As I will be transitioning to the position of Executive Chair, my role will shift into a new capacity more focused on strategic oversight, continuing to promote the Saputo vision and values, and supporting the leadership team. As the Company’s largest shareholder, Jolina Capital is committed to Saputo for the long-term, and we fully support Carl’s nomination as President and CEO,” said Mr. Saputo. “I am proud of what we have accomplished together, and I am excited to continue supporting Carl and the entire Saputo team in achieving even greater success in the years to come. Carl is an extraordinary business leader who is well-respected across our industry and has a strong track record of leading global teams. He has deep roots within Saputo and has played a pivotal role in developing our strategy and improving our business.”