Organic and natural products maker Hain Celestial Group Inc. has settled charges brought by the U.S. Securities and Exchange Commission over its revenue recognition practices, which had led to several quarters of delayed financial reports. Hain violated books and records as well as accounting controls provisions of federal securities laws, the SEC said. The company had internal control failures and poor documentation because its end-of-quarter sales-incentives practices “were designed to help the company meet its internal... … [Read more...] about Hain Celestial Settles SEC Charges for Internal Control Failures
Hain celestial group
Hain Celestial Group Inc. on Monday said Mark Schiller will replace founder Irwin Simon as chief executive, leading efforts to regain the food company’s one-time advantage as a pioneer of natural and organic products. Hain, which sells Terra vegetable chips and BluePrint cold-pressed juices, has struggled as mainstream food makers have encroached on its business. Hain... … [Read more...] about Food Maker Hain Replaces CEO
The Hain Celestial Group announced a chief executive officer succession plan Monday, which would allow current CEO Irwin D. Simon to become nonexecutive chairman of the board once his replacement is found. Mr. Simon, who founded the company in 1993, joins a growing list of food and beverage industry CEOs to step down. As the industry face changing consumer habits, at least 17 other CEOs have announced their departures since May 2016, including the leaders of Campbell Soup Co., General Mills Inc., Kellogg Co., Nestlé USA, Hershey... … [Read more...] about Hain Celestial Announces CEO Succession Plans
Irwin D. Simon, founder and chief executive of Hain Celestial Group Inc., still runs the organic- and natural-products company he started 25 years ago. But in all that time, he has rarely faced as many challenges as he does today. Among them: changing consumer tastes, consolidation of retailers, competition from food conglomerates and specialty companies, and takeover speculation. As a result, Hain Celestial, whose brands include Celestial Seasonings tea, Earth’s Best baby food, Terra chips and Sensible Portions snacks, is... … [Read more...] about Hain Celestial’s ‘Natural’ Niche Has Gone Mainstream. Now What Does It Do?
Organic and natural products company Hain Celestial Group Inc. is blaming disappointing third-quarter results on increasing freight, commodity and labor costs, among other factors. Following the Lake Success-based company’s release of its fiscal third-quarter earnings Tuesday morning, its shares slipped 9.9 percent to $25.80 — a low not seen since June 2012. They closed at $27.45, down more than 4 percent from their Monday close. “In the U.S., I’m disappointed with our results in the quarter,” Irwin D. Simon, founder and chief executive officer of the company, said during a conference call with analysts Tuesday. The company is simplifying its business and boosting efficiencies to improve performance, he said. Net sales rose 8 percent to $632.7 million in the fiscal third quarter that ended March 31, compared to the $588.8 million in the same period last year. That figure doesn't include Hain Pure Protein, an … [Read more...] about Rising costs hit Hain Celestial earnings