Yogurt Maker Chobani Names New CFO as It Still Weighs an IPO

Yogurt Maker Chobani Names New CFO as It Still Weighs an IPO


Chobani said the new CFO will help take the company public if market conditions improve.



Photo:

Stuart Ramson/Associated Press

Sept. 22, 2022 8:47 am ET

Chobani hired a permanent finance chief as it continues to weigh an initial public offering after withdrawing its planned debut earlier this month.

The New Berlin, N.Y.-based company, known for its Greek-style yogurt, on Thursday named

Tarkan Gürkan

as chief financial officer. Mr. Gürkan stepped into the role on an interim basis in June after former CFO

Jody Macedonio

stepped down the same month. Ms. Macedonio joined the company in 2020 to help Chobani prepare for its public debut.

WSJ | CFO Journal

The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.

Mr. Gürkan previously served as chief investment officer at the family office of Chobani founder and Chief Executive

Hamdi Ulukaya.

Before that, he was a senior vice president at food and beverage maker PepsiCo Inc., responsible for leading the execution of mergers and acquisitions and partnerships. Mr. Gürkan additionally held leadership positions at food companies

Campbell Soup Co.

and Nabisco Holdings Corp.

As CFO, Mr. Gürkan will focus on preparing the company for a potential public debut, according to a spokeswoman. Chobani on Sept. 2 withdrew its initial public offering after pushing back the listing earlier this year. An IPO is still on the table, the spokeswoman said, adding that Mr. Gürkan will help take the company public if market conditions improve.

The company had previously planned to go public in the fall of 2021, and then in January of this year, The Wall Street Journal reported. It initially targeted a valuation of as much as $7 billion to $10 billion, the Journal reported. In March, Chobani put the planned listing on hold as several executives left the company. The company has estimated it has about one-fifth of the roughly $10 billion U.S. yogurt market. It also produces coffee creamers and oat milk.

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Chobani also named

Kenneth Bishop

to the new role of senior vice president of international market development. The company has production facilities in Australia as well as in the U.S. and distributes its products to countries in Latin America and Asia, according to the spokeswoman.

Mr. Bishop previously held international roles at

Meta Platforms Inc.’s

Facebook and electronic cigarette company Juul Labs Inc. and has most recently been an adviser at management consulting firm Bain & Co.

Write to Jennifer Williams-Alvarez at [email protected]

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