LAS VEGAS - HF Foods Group Inc. (NASDAQ:HFFG), a prominent distributor to Asian restaurants in the U.S., today announced the appointment of Felix Lin as the Interim Chief Executive Officer (CEO). Lin, who also serves as the President and Chief Operating Officer (COO), steps into the role following the departure of the former CEO, Peter Zhang. Zhang remains a member of the Board of Directors.
The company clarified that the leadership change is not due to any disagreements over financial reporting, policies, or practices. Lin, who has been with HF Foods for five years, has played a significant role in the company's management team and Board of Directors, and has previously held the position of Interim Chief Financial Officer. His leadership is credited with contributing to the execution of the company's transformation plan.
Charlotte Westfall, HF Foods' Lead Independent Director, praised Lin's contributions and expressed confidence in his ability to guide the company through this transition. Lin's experience includes a tenure as Vice President at Blue Bird (NASDAQ:BLBD) Corporation and various leadership roles in finance, manufacturing operations, and supply chain. He was also a key figure in Blue Bird's business development in China and the Middle East.
Lin expressed gratitude for the opportunity to build upon HF Foods' foundation and emphasized the importance of relationships with general managers, suppliers, and customers in the company's success. He also reiterated the company's commitment to its transformation plan and the goal of driving long-term value for stakeholders.
HF Foods Group Inc., headquartered in Las Vegas, Nevada, specializes in marketing and distributing fresh produce, frozen and dry food, and non-food products to Asian restaurants and other foodservice customers across the United States. The company has a nationwide network of distribution centers and maintains strong relationships with growers and suppliers in the U.S., South America, and Asia.
This announcement is based on a press release statement from HF Foods Group Inc.
InvestingPro Insights
As HF Foods Group Inc. (NASDAQ:HFFG) navigates this leadership transition, investors may find value in examining the company's financial health and market position. According to InvestingPro data, HFFG has a market capitalization of $186.14 million, reflecting its significant presence in the Asian restaurant supply chain.
Despite recent challenges, including a year-to-date price total return of -33.9%, the company shows signs of financial resilience. An InvestingPro Tip highlights that HFFG's liquid assets exceed its short-term obligations, suggesting a solid foundation for the new interim CEO to build upon. This liquidity position could prove crucial as Felix Lin implements the company's transformation plan.
Another InvestingPro Tip indicates that net income is expected to grow this year, aligning with Lin's commitment to driving long-term value for stakeholders. This positive outlook is further supported by the company's profitability over the last twelve months, as noted in the InvestingPro Tips.
Investors considering HFFG's potential under new leadership might be interested to know that InvestingPro offers 5 additional tips for this stock, providing a more comprehensive analysis of its investment prospects.
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