Innovative Food Holdings, Inc. Announces Transition in Chief Financial Officer Role

BONITA SPRINGS, Fla., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs and Home Gourmets, today announced that Gary Schubert has assumed the role of Chief Financial Officer (“CFO”) at IVFH effective January 1, 2024. The Company’s previous CFO, Richard Tang, will stay on with the company to help with the transition through the end of January. We thank Richard for his tremendous contributions over the last three years, bringing the company back to profitability post-COVID, recapitalizing all company debt, improving net working capital, and strengthening the accounting team, enabling them to meet all SEC deadlines.

Incoming CFO Gary Schubert brings a wealth of public company and food industry experience to IVFH from his 15 years at Walmart and 3 years at Tyson Foods. Most recently he was the Senior Director of Finance and Transformation Strategy for Walmart, Inc. In this role, he was responsible for generating long-term sustainable growth by increasing customer share of wallet, driving repeat, and improving end-to-end omni-channel economics for Walmart’s $75 billion ecommerce business. Prior to this role, Mr. Schubert served as the financial lead for Walmart’s Neighborhood Market business, the 6^th largest grocery chain in the U.S., with over $20 billion in annual sales across 700 locations. In addition, his financial leadership experience at Walmart spanned merchandising, operations, e-commerce, and strategy roles. During his earlier experience at Tyson, the second largest protein processor in the world, Mr. Schubert had roles in Financial Planning & Analysis, Corporate Treasury, and Investor Relations. He earned his degree from the University of Arkansas, majoring in Financial Management, with a minor in Accounting, where he also managed the growth of a multi-million dollar trust fund on behalf of the University.

“We are excited to welcome Gary to IVFH. His extensive experience developing and implementing profitable strategies at complex, multi-billion-dollar companies, including Walmart and Tyson Foods, will deepen our financial acumen, governance, and management processes as we navigate the next chapter of our strategic plan. We believe Gary’s skillset will help drive and execute our strategic objectives and deliver significant value to our shareholders,” stated Bill Bennett, CEO of Innovative Food Holdings. “As Gary and I have worked together in several capacities over the last decade, we have repeatedly focused on providing organizations with strategic structure and strong execution. I’m thrilled to welcome Gary to IVFH as we pursue the incredible opportunities that lie ahead of the Company.”