The founder of cheese and dairy processor Saputo Inc. is retiring next summer, handing his position as chairman to his son, who remains chief executive.
The move by Lino Saputo, 79, was announced Thursday as the Montreal-based company (TSX:SAP) announced its third-quarter results. The retirement will be effective Aug. 1, when Saputo will be 80.
Lino Saputo Jr., 50, adds the role of chairman as of Aug. 1. He has been CEO since his father handed over the position in 2004 _ 50 years after founding the company in 1954.
The company says its third-quarter net income increased 12.7 per cent to $197.4 million or 49 cents per diluted share.
Revenues for the period ended Dec. 31 grew 2.2 per cent to $2.97 billion from $2.90 billion.
The higher revenue was largely attributable to higher volumes and price increases in Canada and countries outside of the United States.