Local Bounti Says Chairman Craig Hurlbert Is Reprising The Role Of CEO With Immediate Effect, Hurlbert To Succeed Anna Fabrega; Company Expects FY23 Sales To Be $28M Vs $30.57M Estimate
Portfolio Pulse from Benzinga Newsdesk
Local Bounti Corporation announced that Chairman Craig Hurlbert will take over as CEO, effective immediately, replacing Anna Fabrega. The company also revised its FY23 sales forecast to $28 million, which is lower than the estimated $30.57 million. Additionally, the company anticipates saving about $3.2 million annually due to these changes.

December 15, 2023 | 1:10 pm
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Local Bounti Corporation expects lower FY23 sales at $28M compared to the $30.57M estimate and anticipates annual cost savings of $3.2M with Craig Hurlbert as the new CEO.
The reduction in the sales forecast for FY23 is likely to be viewed negatively by investors, as it suggests that the company may not meet market expectations, which can lead to a decrease in stock price. The change in leadership with Craig Hurlbert reprising the role of CEO could be seen as a positive move if the market views him favorably, but the immediate impact is likely to be overshadowed by the reduced sales forecast. The anticipated cost savings may provide some offset to the negative impact, but it is generally the change in revenue projections that has a more immediate effect on stock price.
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