PE-owned CTI Foods appoints Silcock as EVP/CFO

CTI Foods, which is majority owned by Thomas H. Lee Partners and Goldman Sachs, has named Raymond Silcock as executive vice president and chief financial officer. The appointment became effective June 6. Previously, Silcock worked at Diamond Foods where he served as CFO.

PRESS RELEASE

June 13, 2016, Wilder, ID – CTI Foods, a leading custom foodservice manufacturer supplying the top U.S. restaurant chains and branded food companies, announced today the appointment of Raymond (Ray) Silcock as Executive Vice President and Chief Financial Officer, effective June 6. Silcock was most recently CFO at Diamond Foods. He will be based in Wilder and will report directly to Sam Rovit, President and Chief Executive Officer.

“I am extremely pleased at the opportunity to partner with Ray again,” said Sam. “We worked together at Swift & Company ten years ago and I’ve followed his career successes closely ever since. We are fortunate to add someone to the CTI leadership team with his breadth and depth of experience.”

“Having spent most of my career in the food sector,” said Ray, “what attracts me to CTI is the opportunity to create a true industry leader. At $1.5B, CTI is one of the largest suppliers in a fragmented market and I see great potential here for M&A, as well as for innovation-driven growth with new and existing customers.”

As CFO, Ray will be responsible for providing financial counsel and business insight on all strategic and operational issues. He will work closely with the senior leadership team to develop the company’s strategic plan and key business initiatives, as well as take responsibility for all financial matters.

Most recently, Ray led the global Finance and Accounting organization of Diamond Foods, Inc. where, as EVP and Chief Financial Officer, he helped successfully lead the sale of the business to Snyder’s-Lance, Inc. earlier this year.
Prior to joining Diamond, Ray was SVP & CFO of The Great Atlantic & Pacific Tea Company, guiding the company out of bankruptcy. Other roles have included serving as CFO of UST Inc. and CFO of Swift and Company.

From 1998 until 2005, Ray was CFO of Cott Corporation, where he oversaw a complete restructuring and turnaround of that business. Earlier in his career, he held a variety of progressively more responsible roles at Campbell Soup Company where he worked from 1979-1997.

Ray is a member of the Board of Directors of Pinnacle Foods Inc. and an Advisory Partner for Alliance Consumer Growth, a private equity company. He holds an M.B.A. from the Wharton School of the University of Pennsylvania and is a Fellow of the Chartered Institute of Cost & Management Accountants.

CTI Foods, headquartered in Wilder, Idaho, was founded in 1984. The company’s product range includes fresh and cooked protein, beans, tacos, pepperoni, soups and sauces made at seven plants across the U.S.

CTI is owned in majority by Thomas H. Lee Partners and Goldman Sachs & Co.

About CTI Foods
CTI Foods is a culinary-driven company that offers a diverse range of custom food solutions to the foodservice and restaurant industries, including raw and pre-cooked protein, soups and sauces and dehydrated beans. CTI Foods has seven state-of-the-art food processing facilities and has over 1,500 employees at its California, Idaho, Iowa, Kentucky, Pennsylvania, and Texas locations.