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Chobani’s IPO again delayed, with execs departing, WSJ reports

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The Wall Street Journal reports yogurt and other food goods maker Chobani has again delayed its planned Initial Public Offering.

The company, which operates a large manufacturing facility in Twin Falls, initially planned to hit the stock market last fall — and then looked to January of this year. Now, the newspaper reports, the IPO might not happen until late this year or even next.

Four c-suite executives are also leaving, the WSJ said:

  • President and COO Peter McGuiness
  • Chief People Officer Grace Zuncic
  • Chief Strategy Officer Michell Brooks
  • Chief Corporote Affairs Officer Christina Alseci.

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The company has not said who would succeed the leaders.

Payout delayed?

Company founder Hamdi Ulukaya started the company with a shutdown Kraft Foods plant in rural New York. In 2012, after about a decade of growth, he expanded – bringing Chobani to Idaho. The company dropped $100-million on an expansion in 2016, added an innovation center, and keeps growing in Idaho. The company became a major employer in the area – taking advantage of Idaho’s dairy industry and workforce.

Today, the Twin Falls plant is the world’s largest yogurt-making facility.

And the people who work there could see a significant payday – though it’s not yet known just how it might work.

As we reported last year, Ulukaya previously said he would give employees up to a ten percent stake in the company, which could be cashed out if the company goes public.

At the time of the announcement, the New York Times estimated the average employee would net $150,000 from such a payout – with some earning up to $1 million. However, the Times’ figures estimated a $3-billion valuation. The company has targeted a valuation between $7 billion to $10 billion, according to the Wall Street Journal.

According to 2020 data from the Idaho Department of Labor, more than 500 people worked for Chobani in Idaho.

Don Day - BoiseDev Editor & Founder
Don Day - BoiseDev Editor & Founder
Don is the founder and publisher of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow. Contact him at [email protected].

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