Dive Brief:
- Chobani's board of directors was supposedly considering a plan to replace its CEO with its president and COO, according to a report by the New York Post.
- But Hamdi Ulukaya, founder and CEO of the Greek yogurt company, told Fortune that he has no plans to step aside anytime soon, and that the company can't force him out.
- An executive with the Chobani, however, confirmed to Food Navigator that a search for a new CEO is underway, but that the board is not planning on ousting Ulukaya.
Dive Insight:
The series of conflicting reports about Chobani on Monday were interesting, but not particularly illuminating. When the dust settled it was still unclear just what Chobani's board wanted and just what it might be able to get.
The wild card here is private equity firm TPG, which invested $750 million in the company last year and has two seats on Chobani's seven-person board. And interestingly, or perhaps ominously, TPG did not release a statement Monday.