Belgium-based multinational Greenyard has announced Marc Zwaaneveld will be appointed as co-CEO alongside Hein Deprez.

Zwaaneveld was appointed as chief transformation officer in mid-January.

"The initial validation of the turnaround program positively shows substantial areas for improvement to contribute to next fiscal years’ results," the company said.

"In order to execute this in the best possible way, the Board of Directors appointed Mr Marc Zwaaneveld as co-CEO, alongside Mr Hein Deprez."

The company said Deprez would further focus on the roll-out of its retail partnership model, while Zwaaneveld would "guarantee an embedded, efficient and seamless implementation of the transformation plan throughout the company, allowing for a fast and
efficient revitalisation of Greenyard."

Greenyard said that after a first analysis of improvement areas together with an external consultancy firm, it was now preparing "concrete action plans while executing first savings".

The development comes on the heels of a challenging year for Greenyard, in which profits were hit by numerous factors early signs of a recovery in the autumn period were "reversed" in late 2018.