DEL MONTE CORP
For the period ended Jun 6, 2024. Filed Apr 26, 2024.
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Jun 6, 2024 · Filed Apr 26, 2024
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SCHEDULE 14A
INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant ☒
Filed by a Party other than the Registrant
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
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| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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| ☒ | Definitive Proxy Statement |
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| ☐ | Definitive Additional Materials |
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| ☐ | Soliciting Material Pursuant to Section 240.14a-12 |
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FRESH DEL MONTE PRODUCE INC.
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
| ☒ | No fee required. |
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| ☐ | Fee paid previously with preliminary materials. |
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| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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April 26, 2024
Dear Shareholders,
Thank you for your commitment to Fresh Del Monte. It is our goal to enhance shareholder value and drive growth — this is evident in both our vision and strategy which is rooted in innovation.
In 2023, we achieved the highest adjusted gross margins since 2016. Coupled with our cash flow, this allowed us to have strong adjusted earnings per share growth, reduce our long-term debt, and most importantly, allow us to continue returning value to shareholders through another increase in quarterly dividends.
In last year’s Letter to Shareholders, I wrote about our efforts in innovation and technology. Today, I am proud to share the progress we’ve made.
Fresh Del Monte has been at the forefront of pineapple innovation since 1996 when we launched the Del Monte Gold® Extra Sweet pineapple, the first of its kind at that time. For the past two decades, we’ve continually invented new pineapple varieties, keeping our consumers top of mind. Fresh Del Monte now produces a variety of pineapple innovations including Pinkglow® pineapple, Honeyglow® pineapple — in regular, mini, and personal sizes — Del Monte Zero® pineapple, and a new premium hybrid pineapple, the Rubyglow® pineapple.
Last year, we saw strong demand for two of our more recent pineapple innovations, Honeyglow® pineapple and Pinkglow® pineapple. Sales of these varieties grew by approximately 25% in 2023 as compared with 2022.
In 2024, our pineapple innovation program will continue to be a focus as we listen to consumers, expand our current reach, and produce value-added products that consumers demand.
As part of our efforts to listen to consumers and create value-added products, we partnered with Kraft Heinz on four new varieties of Lunchables® that include fresh-cut fruit in 2023. This innovative partnership brought two leading food companies together to create a more nutritious option for a consumer-favorite food.
We believe working together can have a great impact. This is the catalyst for building and seeking out these strategic partnerships. Another partnership we formed in 2023 was with the World Wildlife Fund (WWF) to better understand the condition of our soils and how we can improve our regenerative agriculture operations.
Reducing food waste was also top of mind in 2023. We joined the US Food Waste Pact, which seeks to halve food waste in retail and reduce losses along food production and supply chains. As a business, we reduced food waste by 41% in 2022, the most recent data available, compared to a 2020 baseline, bringing us 82% of the way to our goal of a 50% reduction of food loss to landfill by 2030.
Sustainability is, and will remain, at the core of our business and is an area of continued focus year after year. This focus helps us stay true to creating a Brighter World Tomorrow®.
As we look to 2024, we will stay committed to our goal of becoming a technology-driven sustainable company by leveraging our strengths in agriculture and the supply chain and focusing on pineapples, fresh-cut, and residuals.
We will continue to look for new and different ways to lead in the pineapple category. Our long-term plan is to continue to expand ourfresh-cut business and add more value-added products that drive direct business growth thanks to their high margins. This expansion will take place across North America, Europe, and Asia. And we are also looking at ways to monetize our residuals from our products and farms.
As a business, our strengths lie in these focus areas. This is how we will continue to enhance shareholder value. By innovating across pineapples, fresh-cut, and residuals, we can take advantage of tremendous opportunities and grow the business.
Fresh Del Monte will keep pushing forward, both in the areas outlined, and throughout its core business.
Thank you for your support and I wish you all a successful year ahead.
Regards,
Mohammad Abu-Ghazaleh
Chairman and Chief Executive Officer
NOTICE OF 2024 ANNUAL GENERAL MEETING OF SHAREHOLDERS
DATE AND TIME:
Thursday, June 6, 2024 at 11:00 A.M., Eastern Time
PLACE:
The 2024 Annual General Meeting of Shareholders (or “Annual General Meeting”) will be held exclusively online at meetnow.global/MVNAJUX through a live internet webcast. You can find instructions on how to access the Annual General Meeting in the section of this proxy statement called “Access Instructions.”
ITEMS OF BUSINESS:
| PROPOSAL 1 | Elect three director nominees for a three-year term expiring at the 2027 Annual General Meeting of Shareholders |
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| PROPOSAL 2 | Ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the 2024 fiscal year |
| PROPOSAL 3 | Approve, by non-binding advisory vote, the compensation of our named executive officers in 2023 |
Transact other business properly presented at the Annual General Meeting or any postponement or adjournment thereof.
RECORD DATE:
The board of directors has fixed April 17, 2024, as the record date for the Annual General Meeting. This means that only shareholders as of the close of business on that date are entitled to receive notice of and to vote at the Annual General Meeting.
It is important that your shares be represented at the Annual General Meeting, regardless of the number you may hold. Whether or not you plan to attend, please vote using the Internet, bytelephone or bymail, in each case by following the instructions in our proxy statement. This will not prevent you from voting your shares in person via the virtual meeting platform if you are present.
Mohammad Abu-Ghazaleh
Chairman and Chief Executive Officer
We mailed a Notice of Internet Availability of Proxy Materials containing instructions on how to access
our proxy statement and annual report on or about April 26, 2024.
Our proxy statement and annual report are available online at www.envisionreports.com/FDP.
Fresh Del Monte Produce, Inc.
c/o Del Monte Fresh Produce Company
241 Sevilla Avenue, Coral Gables, FL 33134
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.