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Recommendations: 2
Hey John,
Thanks for posting your thoughts. I don't want to just brush aside Chiquita's history of legal and human rights violations, but I am going to
play it down. The reason is that, to me, this is an entirely different company from what it was when those violations took place. The last of
those "departures" from moral and sound business practices took place in 2003-2004. You see the year 2007 floated around, but that was just the
year the case was finally closed and Chiquita paid a fine. The actual events, in this case basically paying terrorists to not, well, terrorize
their banana farms in Columbia, took place in 2003-2004. (Chiquita has since sold off its farms in Columbia).
The reason I'm making a big deal out of the dates is that the company was steered by entirely different people then, both on its board of
directors and its executive team. Take a look at the current company leaders and when they joined the company...
Board Members Board member since:
Fernando Aguirre 2004
Kerrii Anderson, CPA 2009
Howard Barker Jr, CPA 2007
William Camp 2008
Clare Hasler, Ph.D. 2005
Robert Fischer 2002
Steven Stanbrook 2002
Jaime Puche, Ph.D. ?
Executives Executive since: With Chiquita since:
Fernando Aguirre - CEO 2004 2004
Michael Sims - CFO 2000 1988
Manuel Rodriguez - Int'l Affairs 2004 1980
Brian Kocher - Pres, N. America 2005 2005
Michel Loeb - Pres, Eur. & M.E. 2004 2004
Tanios Viviani - CMO 2005 2005
Kevin Holland - CPO 2005 2005
Lori Ritchey - Controller 2009 2008
Manjit Singh - CIO 2006 2006
James Thompson - Gen. Counsel 2006 2006
Waheed Zaman - Product Supply 2004 2004
Joe Huston - Salads & Healthy Snacks 2004 2004
First of all, importantly, CEO Fernando Aguirre came on in 2004, after the last deed was done. In 2004, the company voluntarily reported its
behavior in Columbia to the U.S. Department of Justice (they said they learned of the activities of their subsidiary there and they had not
authorized them), and since then there have been no further cases.
Running down the list, very view executives or board members from before 2004 remain on the board.
Notably, CFO Michael Sims began his executive tenure at Chiquita as CFO of the European division, and he lived and worked in Europe from 2000
to 2006. Only in 2006 did he take over as CFO of the whole company. Presumably, while in Europe he was uninvolved with paying off terrorist
groups in Latin America.
Pre-existing board members Robert Fischer and Steven Stanbrook are a private investor and a president at S.C. Johnson & Son, respectively.
I included Jaime Puche on the BoD list, even though I couldn't immediately find when he joined the board, just for the sake of being
interesting. Jaime Puche has, among other things, served a Mexico's Secretary of Finance and Public Credit, founded the Mexican Investment
Board, won the National Scientific and Social Sciences Research Award (1986), won the Mexican National Prize in Economics (1979), and taught
at Stanford, the University of Barcelona, NYU, and Princeton. Most notably, he led the Mexican negotiations in NAFTA as well as free trade
agreements with Chile, Columbia, and Venezuela, and he was involved with the creation of the WTO. Pretty valuable guy to have on your board.
Cheers,
Alex
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