Published December 03, 2012
Diamond Foods Inc named David Colo as its new executive in charge of global manufacturing and procurement as the snack foods company looks to fix problems related to its supply chain, following an accounting scandal that hurt its ability to do business.
The maker of Emerald nuts, Kettle chips and Pop Secret popcorn restated financial results for fiscal years 2010 and 2011 in November after an internal probe found that it had accounted for some payments to farmers in the wrong fiscal periods.
The scandal, which led to the exits of former Chief Executive Michael Mendes and finance chief Steven Neil, dealt a blow to Diamond's relationship with walnut farmers, resulting in a drop in supply.
Colo, who will report directly to Diamond CEO Brian Driscoll, previously worked for seven years at ConAgra Foods Inc and spent 16 years before that at Nestle-Purina .
Diamond shares, which have lost more than 50 percent of their value this year, were little changed in extended trading after closing at $14.65 on the Nasdaq on Monday.
(Reporting by Ranjita Ganesan in Bangalore; Editing by Supriya Kurane)