DeLorenzo leaves Dole for Itochu
Dole Food Co. President and CEO David DeLorenzo is leaving the company to lead Itochu Corp., the Japanese firm that’s in the process of buying Dole’s packaged foods unit for $1.7 billion.
In another step toward closing the Itochu deal by the end of the year, shareholders of the Westlake Village-based food company approved it on Dec. 6, the same day it announced DeLorenzo’s departure.
David Murdock, Dole’s chairman and its former chief executive, will return to the dual chairman and CEO role. Dole General Counsel C. Michael Carter will its become president and chief operating officer.
The fruit and vegetable company’s chief financial officer, Joseph Tesoriero, is also set to leave in connection with the sale of the businesses, according to a news release. Keith Mitchell, the CFO of Dole’s North American fresh-fruit business, will succeed Tesoriero.
Dole agreed to sell its worldwide packaged foods and Asia fresh produce businesses to Itochu in September after it discovered a drop in core earnings in a springtime strategic review. When DeLorenzo takes the helm at Itochu, he will lead the business divisions it’s buying from Dole.