Jonathan Ferrari, co-founder of Goodfood, an online grocery and meal delivery service, has resigned as CEO and board chair. President, COO, and co-founder Neil Cuggy will oversee “day-to-day operations,” per the company’s statement. The Montréal-based company has initiated a “formal operating review” to remain competitive during its “next critical phase.”
Ferrari expressed “complete confidence” in Cuggy and satisfaction with the company’s growth over 11 years. He will stay on the board as a director. Goodfood appointed Selim Bassoul, executive chair of Six Flags, as the new board chair, citing insights from running Six Flags restaurants. Bassoul sees potential in the brand despite challenges.
BetaKit sought comments from Goodfood but received no response by publication time. Goodfood reported record revenue of $100.7 million in Q2 2021 as demand for delivery surged during the pandemic, with TSX shares peaking over $13. Performance declined post-pandemic with decreased sales, leading to losses, layoffs, and a CFO change in March 2023. Recent quarters showed net losses (e.g., $2 million per quarter from Q4 2024 to Q2 2025) and sales between $31 million and $34 million, with shares now at 20 cents.
In November 2024, Goodfood acquired an 81% stake in Genuine Tea, which is exceeding expectations in sales and expansion, per a July earnings report. The company is also funding a Bitcoin-based ETF, holding $3.2 million from an initial $3-million investment.
Meanwhile, Québec-based WeCook is launching workplace meal deliveries to modernize business wellness strategies. Feature image courtesy Goodfood.