OTLY - Oatly hopes new management can spark turnaround

Oatly Group AB (NASDAQ:OTLY -5.8%) may have found its successor to CEO Toni Petersson, according to The Wall Street Journal. Sources indicate that Jean-Christophe Flatin, who was hired as president by oat drink company last month, is seen as a likely eventual replacement for Petersson, although no announcement is seen as imminent. Flatin and recently hired Chief Operating Officer Daniel Ordonez are due to start at Oatly (OTLY) on June 1 after the search process that included the input of Peterrson. Flatin is a 30-year veteran of Mars Wrigley and Ordonzez is a former executive at Danone SA and Unilever. The Oatly (OTLY) board is said to have begun talks last summer to find a CEO successor with more operational experience to allow Petersson to focus on business development. That search intensified when shares took a tumble as profitability and a potential cash infusion became more topical. The Seeking Alpha

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Oatly hopes new management can spark turnaround