Chobani to Replace CEO and Founder with Turnaround Expert

 
Ulukaya will remain chairman, according to Chobani's CMO Peter McGuinness. Since April the company has been searching for a CEO and has identified several qualified candidates, including Burns. Ulukaya will aid in the selection of the new "operationally based" CEO and remain involved in day-to-day business on the product side.
 
Burns, the partner in charge of TPG's manufacturing/industry sector, is regarded as a manufacturing and turnaround expert. He has also been serving as Chobani's interim president and COO since August.
 
Last April, TPG invested $750 million in the New Berlin, New York-based company to save it from a cash crunch blamed on startup problems at its Idaho manufacturing plant. Those pains were intensified due to a 2013 product recall, record milk prices and competition from established yogurt brands. Since the investment Chobani has reduced waste, improved customer service and introduced a variety of new products, including yogurt for babies and dessert lovers. (consumergoods.edgl.com)