By Colin Kellaher
Whole Earth Brands, a Chicago-based food company, announced on Monday that its Chief Executive, Michael Franklin, has been put on a temporary leave of absence. This move comes as the company’s board conducts a review of strategic alternatives, including a buyout proposal from Franklin’s father.
During Franklin’s absence, Rajnish Ohri, the President and Chief Operating Officer of the company’s international business, and Jeffrey Robinson, the President of the flavors and ingredients segment, will assume the roles of interim co-CEOs.
Last month, Whole Earth received a non-binding proposal from investor Martin Franklin, who currently owns approximately 21% of the company’s stake. The proposal suggests buying the remaining shares of Whole Earth for $4 per share.
Whole Earth stated that the decision to place Michael Franklin on leave was necessary to ensure the board can fulfill its fiduciary duties effectively while evaluating the buyout proposal and other available options. These options include retaining its current status as a standalone publicly-traded company.
It is worth noting that Whole Earth’s shares closed at $4.07 on Friday, which is higher than the proposed takeover price.
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