Goya board silences their idiot CEO

[mnmoderatedem]

"The board of the privately held Latino food company voted to censure Unanue, following his most recent controversial remarks that questioned the legitimacy of the November election, according to a person familiar with the board's actions, who spoke to CNN on the condition that their name not be used."

https://www.cnn.com/2021/01/26/business/goya-ceo-robert-unanue-silenced/index.html

Can't imagine why there would be a connection to trump here...

[PirateRo]

1. Not enough, not nearly enough

That worthless piece of crap needs to be terminated. Retain him and his statements stand and speak for the families.

I will never buy their products again.

[theneworiginal]

21. And millions of unnamed ex-customers will be voting with their wallets

for dismissal of the CEO.

[PirateRo]

22. As I have

It was in my letter to them. They lost a life-long customer when they lost me.

[TruckFump]

2. In LA County, South Bay Area, when I go to the grocery stores...

...it seems like Goya is gathered in one area near the end of an aisle regardless of the variety or type of product and the shelving is covered with “on special” stickers. Seems like the shelves have had few takers.

I don’t give a shit who the new CEO might be, I will never buy Goya products.

[ad121rome]

3. Pocketbook issue

It’s time to let your feet do the talking. Avoid purchasing products that support hate and racism. Do not buy Goya products. Research every product you buy and the retailers too. Let’s support companies that listen to us and act accordingly.

[bamagal62]

20. Yes!

[marble falls]

4. When they're ready to fire the CEO like the majority of share holders want, I'll go back to ...

Goya. I'll never buy the canned beans again, dry beans take longer, but they're easy enough.

I wonder what other products I won't be buying from them as this goes longer.

[ProfessorGAC]

6. Actually, The Stockholders Are A Small Number

Goya has stock, but it's a closely held LLC. Essentially, the family owns the company, with employees owning a small fraction, all proxied to the board. There's a stock price, but it's not really traded.
They've had bitter internal disputes before.
About 8 years ago, one family faction forced out the CEO, who was the guy that took the company from $130 million (revenues) to a billion in around 30 years. 6.5% revenue growth, year over year for 3 decades, is outstanding, yet they forced both he and his son out.
This guy has overseen revenue growth about 0.5% above inflation since he took over. I don't know why they care if he's still CEO. He forced his way into the gig, and then underperformed the prior 30 years by a factor of 7 or 8.
But, most of the board is probably loyal family. This may be a way for them to tell him "You're still the boss, but sit down & shut up!"

[marble falls]

7. From the article ...

A majority of Goya shareholders favor removing Unanue altogether but have been prevented from doing so by the dynamics of the family-controlled company, according to the source.

[ProfessorGAC]

11. The Article Is Misleading

Those stockholders are a handful of family members. But, they do NOT represent a majority of the shares.
Unanue's direct family controls nearly 40%. He only needs one or 2 other family members to go over 50.
Check out this chart from Yahoo Finance.
Look at how many "N/A" items there are.
At another subscription site, I saw these data:
Market Cap: $142 Million
Total Equity: $24.45 Million
Share Price: $3.03
So, over 8 million shares outstanding. In the past 12 months, a TOTAL of 198,000 shares changed hands.
Shareholders in Goya cannot be compared to the typical publicly traded firm.
A majority could be 6 people out of 10.

[Woodwizard]

17. Dry beans are the best.

They cook fast in a pressure cooker I love Roman-Cranberry beans for chili, really smooth gravy.

[bucolic_frolic]

5. Consumers need to know if Goya sells under other brands

As soon as the boycott hit last summer, Health & Harvest brand was in the former Goya barley slot in my local supermarket. They also list an address in NNJ. Don't know if these two are related, but sometime companies own other brands for different markets, or they supply and package for other brands.

Those are 2 of the 3 brands of barley in my local supermarkets, the third being boxed Quaker brand, which is a bit higher priced, but it's very good!

[COL Mustard]

8. Is Health & Harvest A Goya Brand?

I bought some of their rice last night. I really don’t want to help companies that support T***p or his philosophies.

[bucolic_frolic]

9. As I said, I don't know

All I saw was it occupied the same slot on the shelf.

[COL Mustard]

10. My Little Bit Of Research Says They're Not Related

To Goya. It looks like Goya has been in the same family since it was founded, but I didn’t see any mention of subsidiaries.

[Always Randy]

12. I am a Trader Joe fan

their products are better----I used to buy Goya----but even if they fire the CEO---I won't abandon those who have stayed the course of fairness all along ---the GOYA products are stacking up at Costco----no one is buying them

[safeinOhio]

13. Business 101

don't piss off half of your customers. The guy must have not taken that class.

[maddiemom]

14. That picture alone should be grounds for impeachment....our so-called "president"

hawking a commercial product lined up on the Resolute desk. I'd forgotten how stunned I was at the audacity of the whole thing.

[eallen]

15. Too little, too late. I never again...

Will buy anything labeled Goya. He poisoned his brand.

[IronLionZion]

16. Goya has many competitors

Not a very wise business move to alienate their Latino and immigrant customers. There are reasons most businesses avoid this sort of publicity.

[Cousin Dupree]

18. I haven't bought a Goya product since he first started flapping his mouth. Never will.

[TruckFump]

19. Need to find out re Goya re Private label brands

Years ago in the 1970s, I dated a guy who was a food broker and he showed me the bottom of a can of store brand tomato paste. The letters KTP were there and he told me that this was for who supplied the contents, to wit, KERNS TOMATO PASTE. I learned that the same stuff in the brand labeled container was in the Kroger brand label and cheaper.

If we really want to hurt this trump loving company, maybe we should look to see if they supply private label products and stop buy these products, too. Going to do research and will report back to the DU.

[Blue Owl]

23. Few things creepier than tRump smiling

What a freaking psycho...