Mr. Eric Gemme reports

LASSONDE INDUSTRIES INC. ANNOUNCES UPCOMING LEADERSHIP TRANSITIONS

Lassonde Industries Inc. is planning a phased leadership transition for its board of directors and certain members of its executive management team.

To ensure a smooth transition of the board leadership role, Pierre-Paul Lassonde, presently chairman of the board, who dedicated the last 50 years at the helm of the business founded by his family two generations prior, will share his responsibilities by co-chairing the board along with Nathalie Lassonde, between Sept. 1, 2024, and Jan. 1, 2025. He will thereafter continue to serve as a member of the board.

Nathalie Lassonde, currently chief executive officer and vice-chair of the board, will start a transition process that will lead her to serve as executive vice-president of Lassonde and co-chair of the board commencing Sept. 1, 2024. On Jan. 1, 2025, she will become executive chair of the board and will concurrently step down as executive vice-president of Lassonde.

Vince Timpano, currently president and chief operating officer, has been appointed chief executive officer effective Sept. 1, 2024.

These appointments have been made in accordance with Lassonde's succession plan following a board-led process.

"The time has come for me to pass the torch onto the next generation of leaders to carry out our organization's vision and goals for the future. Nathalie embodies the values, integrity, respect and responsibility that have made Lassonde what it is today. She has gained an in-depth understanding of the business in her 20 years at Lassonde, both as a member of the board and in her role as CEO, that will help her guide the management team in the coming years. I am confident that she will leave her mark as an inspiring and inclusive leader," Pierre-Paul Lassonde said.

"Vince has shown great vision, leadership and expertise in implementing a business strategy that will prove instrumental to our future growth. His alignment with our values, as well as extensive business experience, will serve him well in his new role," Nathalie Lassonde said.

"Over the past few years, I have discovered an exceptional company with a group of very dedicated employees. I want to thank the Lassonde family and the board for their confidence in me. I look forward to building on the heritage of this storied North American food and beverage company," Mr. Timpano said.

About Vince Timpano

Mr. Timpano has a solid record as a corporate officer with extensive business leadership experience. He has been serving as president and chief operating officer of Lassonde since 2021. Prior to his appointment to this office, he joined Lassonde in 2020 to serve as president and chief executive officer of its U.S. subsidiary, Lassonde Pappas and Company Inc. Before his leadership positions at Lassonde, he served in various executive roles over a period of 20 years, including president, global coalitions, at Aimia Inc., president of Coca-Cola Canada, and president and chief executive officer of The Minute Maid Company Canada. In addition, Mr. Timpano served on numerous boards, including as chair of United Way Toronto. He currently serves on the board of advisors for The Napoleon Group of Companies.

Mr. Timpano is a graduate of the Institute of Corporate Directors, Rotman School of Management of the University of Toronto and holds an MBA from the Ivey Business School of the University of Western Ontario.

About Lassonde Industries Inc.

Lassonde is a leader in the food and beverage industry in North America. The corporation develops, manufactures and markets a wide range of private label and national brand products, including ready-to-drink beverages and fruit-based snacks, as well as frozen juice concentrates. It is also a leading producer of cranberry sauces and specialty food products such as pasta sauces, soups and fondue broths, and sauces. The corporation also produces, imports and markets selected wines from several countries of origin, and produces and markets apple cider and cider-based drinks.

The corporation is active in two market segments:

• Retail sales consist of sales to food retailers and wholesalers such as supermarket chains, independent grocers, superstores, warehouse clubs and major pharmacy chains;
• Food service sales consist of sales to restaurants, hotels, hospitals, schools and wholesalers serving these institutions.

The corporation operates 19 plants located in Canada and the United States, and produces its superior quality products through the expertise of over 2,900 full-time equivalent employees.

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