The Montana-based company building a multimillion indoor greenhouse in Pasco has named a new CEO as part of a cost-saving restructuring plan.
The changes won't affect plans to open the Pasco greenhouse at 950 S. Elm Ave. It is on track to begin seeding plants in early January.
Local Bounti operates advanced indoor growing facilities across the United States, serving about 13,000 retailers with its two brands: Local Bounti and Pete's.
Craig Hurlbert, the company's co-founder and chairman of the board, is reprising the role of chief executive officer, effective immediately. He succeeds Anna Fabrega, who is leaving the company as part of a broader restructuring to optimize the company's organizational structure.
The company said it expects to save about $3.2 million on an annualized basis as a result.
Hurlbert previously served as co-CEO from November 2021 to June 2023, and as senior vice president of strategy from June 2023 to December 2023.
"As we continue to scale this business, we are working diligently to achieve breakeven cashflow. Our primary objective is to drive greater efficiency at every level of the business through optimization of our cost structure and further flattening of our organization to enable faster decision making and enhance strategic initiatives. I believe our mandate is simple — to foster an environment of excellence and ensure that we have the right people in the right places to maximize value for both our customers and shareholders. I'm pleased to say that we are definitely on the right track, and I look forward to leading our team to new heights," Hurlbert said in a statement.
Local Bounti called 2023 a pivotal year with the expansion of greenhouse technology at its Georgia facility, resulting in doubling its production this month.
Delivery delays at its Texas facility have pushed back seeding there until late January, after the startup of the Pasco greenhouse.
As a result of the phasing of shipments in the fourth quarter, Local Bounti expects 2023 sales to be about $28 million — about 44% more than in 2022.
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