Nueva Pescanova hires former Coca-Cola, Campofrío exec Jorge Escudero as CEO

Redondela, Pontevedra, Spain Nueva Pescanova has hired Jorge Escudero Hurtado as its new chief executive officer.

Escudero replaces José María Benavent, the company’s executive chairman, who filled in on a temporary basis after Ignacio González stepped down in June 2023. González was hired in February 2016 and led the company back from a bankruptcy filing and a drawn-out fight with the major shareholders of its previous corporate entity.

Escudero spent the last 2.5 years as chief executive of Coca-Cola Europacific Partners in Indonesia and Papua New Guinea. Previously, he also served in executive positions at Campofrío, Leche Pascual, and Deoleo.

Escudero will begin as CEO on 7 September, according to a company press release.

“The new CEO has forged a robust professional career in the realm of fast-moving consumer goods and has an extensive international track record,” Nueva Pescanova said. “In line with his innovative profile, he excels in his capacity to drive efficient transformation in areas such as sales, industry, and supply chain. His deep knowledge and experience in international markets, spanning Europe, Asia, and Latin America bestows upon him a highly valuable global perspective to strengthen Nueva Pescanova’s growth strategy.”

Nueva Pescanova said it hopes Escudero will “lead and enhance the company’s growth and increase its profitability.”

“In the companies where he has occupied management positions, Jorge Escudero has stood out for his strategic, results-oriented vision,” it said. “He combines this with an approachable demeanor and an inclusive leadership style, with a strong emphasis on fostering the growth and development of individuals. He has managed large and qualified teams, providing them with a well-defined vision and clear objectives.”

The appointment will not interfere with an attempt by the company’s owner, Abanca, to sell a majority stake in Nueva Pescanova, according to the release.

“With this appointment, Abanca, the primary shareholder, continues with its roadmap and moves forward in the reconfiguration of the group, in line with its commitment to consolidate the Nueva Pescanova project,” it said.

In June 2023, a company spokesperson said González’s departure had “nothing to do” with Abanca’s effort to sell the company.

Cooke entered into an exclusivity agreement with Abanca in April 2023 in negotiating a purchase of an 80 percent stake in Pescanova, but the deal-making went cold in July. Nueva Pescanova has not yet reported its 2022 financial results, but Spanish media has reported lower-than-expected earnings have complicated the deal.

Photo courtesy of Nueva Pescanova