News Summary

Jonathan Ferrari, the co-founder and CEO of the Montréal-based meal delivery company Goodfood, has stepped down from his role as CEO and board chair amid recent financial losses. Neil Cuggy, the president and COO, will take over daily operations while the company undergoes a formal review to remain competitive. Ferrari, who co-founded Goodfood and helped grow it into a national brand, will stay on the board as a director. Despite challenges, Goodfood sees potential for growth, as highlighted by its acquisition of a controlling stake in Genuine Tea and its investment in a Bitcoin-based exchange-traded fund. The company had record revenue during the pandemic but has faced declining performance as consumer habits shifted back to in-person shopping.