Dive Brief:
- JBS Foods International, a JBS SA spinoff of its international businesses, has named Russ Colaco as its CFO.
- Colaco came to JBS in February as director of strategy and corporate development after nine years at Morgan Stanley. He had served as a managing director in the investment banking division, advising clients in the global retail and consumer segments.
- Colaco will oversee the spinoff, unveiled last month, and will assume responsibility for all finance operations at JBS Foods International.
Dive Insight:
In May, JBS SA announced that it would spin off its international businesses, including U.S. meat processors Pilgrim’s Pride and Swift & Company, and its Seara Alimentos chicken processing business into JBS Foods International. The company also announced it would rename JBS SA as JBS Brasil, which would now include its Brazilian operations, including the beef, biodiesel, collagen, and carrier businesses, and the company's global leather business.
Colaco's near-decade of experience in advising global consumer businesses will be crucial in overseeing this spinoff, which will have JBS SA CEO Wesley Batista at the helm. Colaco played an integral role in orchestrating the $4.7 billion sale of Smithfield Foods to China's Shuanghui International Holdings Ltd in 2013, which has since rebranded as WH Group, now the largest pork producer in the world.
Colaco's reputation as a dealmaker will be an asset to the new JBS spinoff, which may be ready for another round of expansion after acquiring Cargill's U.S. pork assets (JBS USA) and Australian Primo Group (JBS Smallgoods Australia) last year. At the time of the Cargill pork acquisition, when JBS became the U.S.'s second-largest pork packer, Batista said the move was in line with the company's growth plan of prepared and value-added products, customer expansion, and improving its premium pork product mix.