Ocean Spray Replaces Interim CEO Thomas
Ocean Spray has replaced its interim chief executive and begun laying off top managers as the agricultural cooperative struggles with slumping cranberry prices.
President and Chief Operating Officer Randy Papadellis will run the firm until a permanent CEO is hired. Interim CEO Barbara Thomas said she would resign at the end of March.
Ocean Spray, which is based in Massachusetts, also laid off four vice presidents and said more layoffs are expected.