Jonathan Ferrari, the co-founder of the online grocer and meal delivery company Goodfood, stepped down as CEO and board chair last week.
The move is immediate and will see president, COO, and fellow co-founder Neil Cuggy handle “day-to-day operations,” according to a company release. The Montréal-based firm has also launched a “formal operating review” that it said will help keep Goodfood competitive and get through its “next critical phase.”
“While [Goodfood] has faced headwinds, it also holds significant potential.”
Selim Bassoul, chair
In a statement, Ferrari said he had “complete confidence” in Cuggy and was happy with what he had accomplished in 11 years leading the company.
“Goodfood has been an incredible journey and, starting from zero, I am extremely proud to have scaled into a national brand powered by our talented team,” Ferrari said.
Ferrari will remain on the board as a director. Goodfood has appointed Selim Bassoul, the executive chair of American theme park operator Six Flags, as its new board leader. He claimed that running over 1,200 Six Flags restaurants offered “valuable insight” into customer desires, and that he saw an opportunity in the Canadian brand.
“While [Goodfood] has faced headwinds, it also holds significant potential,” Bassoul said.
BetaKit has asked Goodfood for details regarding the departure and review, but did not receive a response by publication time.
Goodfood achieved record revenue of $100.7 million in its second fiscal quarter of 2021, when the COVID-19 pandemic drove demand for home delivery of groceries and meals. The company was also trading at an all-time high of over $13 per share on the Toronto Stock Exchange (TSX).
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Performance fell sharply during the pandemic recovery as people returned to in-person shopping and work, prompting losses, layoffs, and a March 2023 change of CFOs. Goodfood has seen a string of recent quarters with net losses (including $2 million per quarter between Q4 2024 and Q2 2025) and net sales between $31 million and $34 million. Its shares currently trade at 20 cents on the TSX.
Goodfood acquired a 81-percent controlling stake in tea brand Genuine Tea in November 2024. The acquisition is “continuing to outperform expectations” between sales growth and facility expansion, Goodfood said in a July earnings release. The company is also raising money through a Bitcoin-based exchange-traded fund, where it now holds $3.2 million after making a $3-million initial investment.
The news comes as another Québec meal kit provider, Saint-Hyacinthe-based WeCook, is launching a program that delivers ready-to-eat meals to workplaces. WeCook claims this brings the advantages of direct-to-consumer meal services to businesses as they help “modernize” their wellness strategies.
Feature image courtesy Goodfood.