Montréal-based Goodfood is making a CFO change, promoting its VP of corporate development, Roslane “Ross” Aouameur, who will replace outgoing Jonathan Roiter.
Aouameur steps into his new position as of March 31, 2023. The announcement follows what some might describe as a turbulent time for Goodfood, which experienced losses and layoffs in the last year.
“Jonathan Roiter joined Goodfood when the business was in a different moment.”
A spokesperson for Goodfood told BetaKit that, in his new role, Aouameur’s strategic focus will be geared towards profitability and building financial discipline. The spokesperson added that Roiter will help ensure a smooth transition for Aouameur and the finance and the executive teams.
When asked why Roiter is leaving, the spokesperson didn’t share an explicit reason, but said, “Jonathan Roiter joined Goodfood when the business was in a different moment in its evolution, and we thank him for his hard work and contributions.”
Since joining Goodfood as CFO in mid-2021, Roiter weathered a rough period for Goodfood. The Canadian company saw a net loss of $22.1 million just as Roiter started his new role as CFO, compared to a $1.2 million profit in the 2020 summer quarter. At the time, analysts attributed this loss to the loosening of pandemic restrictions, enabled by mass vaccination.
But the trend continued, with Goodfood reporting a $50 million net loss in 2022’s Q4, followed by an $11.7 million loss in 2023’s first quarter. Shortly after, Goodfood secured a $12.7 million loan aggregated from Investissement Québec ($10 million), as well as management, board members and existing shareholders ($2.7 million). This loan is meant to help the company “bolster” its balance sheet, and move towards profitability and being cash flow positive
In 2022, the company endured a round of layoffs in April – cutting 70 jobs – as well as the closure of two micro-fulfillment centres in Montréal and Toronto as part of a restructuring in October. In the last round of layoffs, Goodfood also eliminated its 30-minute deliveries, choosing to refocus on its weekly meal plans.
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“The 30-minute delivery service was very appreciated by customers but provided economics that only worked at a certain scale and pricing,” the spokesperson explained. “As the Canadians came out of stringent pandemic restrictions, their consumption of e-commerce, particularly food e-commerce has decreased.”
To adapt to this shift in consumer behaviour, the spokesperson said Goodfood wants to focus on providing Canadians with “culinary experiences that spark joy” as they anticipate the beginning of more predictable food habits.
Goodfood was co-founded in 2014 by President and COO Neil Cuggy and CEO Jonathan Ferrari. The company is one of Canada’s leading meal kit services, delivering kits, ready-to-cook meals, and groceries to customers in all Canadian provinces (except Territories). Since going public in 2017, Goodfood has raised a total of $75.6 million in post-IPO equity. The company has administrative offices in Montréal, and production facilities in the provinces of Alberta and Québec.