After heavy financial losses, Farmers Edge has hired a new executive team of leaders experienced in Canadian agriculture.
Co-founder Wade Barnes recently resigned as executive director.
Rob Meijer, who formerly worked for Cargill Ltd., JBS Foods Canada and Canada Beef Inc., is now executive vice-president of corporate development while Matte Hesse, formerly of Agco and Trimble, now is executive vice-president of global operations.
Fairfax Financial Holdings also injected $75 million available for “working capital and general corporate purposes.”
The moves follow fourth-quarter losses revealed the same day Barnes left.
“We are disappointed in our Elite 2020 conversion rate (an electronic sales platform) and have implemented steps to improve our retention rate and (Progressive Grower Program) conversion success by refining our business model, expanding and diversifying the channel partner network, prequalifying customers enrolling in the new PGP programs, and improving operational efficiency and effectiveness,” said Barnes in announcing the quarterly results.
The company reported a net loss of $19.7 million for the quarter, bringing losses for 2021 to $66.4 million. In 2020, the company lost $84.6 million.