Jeremy's MicroBatch COO Steps Down
Jeremy's MicroBatch Ice Creams Inc. Chief Operating Officer Samuel Cohen has quit his post in the corporation's second high-level personnel change in less than a week.
Announced today, the move is effective July 7, one day after the Philadelphia-based company announced the hiring of new President/CEO Joe Phillips.
Jeremy's leaders provided no reason for the departure of Cohen, who will be retained as a consultant but has given up his seat on the corporation's board of directors.
Most recently senior VP of sales and general manager of Champion Products Inc., the incoming Phillips also held senior exec positions at Prince/Ektelon, L.A. Gear Inc., and Wilson Sporting Goods Co. (See related article).
Company founder Jeremy Kraus remains the corporation's chairman under the new leadership.
Jeremy's Microbatch went public in February after its accountants said the corporation didn't have enough money keep going after the end of its FY 2000 first quarter. (See related article).
"Our independent certified public accountants have substantial doubt about our ability to continue as a going concern," read the company's IPO filing.
The ice cream industry's relative new kid on the block is facing a greater than $3 million loss since it began business during the latter part of the 1990s. And company leaders recently stated in early 2000 they expect to operate at a loss for "at least part" of this year.
Despite consumers' superpremium ice cream appetites, it's been slim pickings for the full-fat ice cream company for a while, despite its 21-state (plus the District of Columbia) distribution reach. Like fellow superpremium pint-sized patron Ben & Jerry's Homemade Inc., Jeremy's MicroBatch prides itself on quirky names for its equally quirky flavors, including Eve's Sinful Cider, Wired, Revenge of Chocolate Overload and Purple Passion Pills.
Jeremy execs reportedly loaned the company money to decrease debt during the last fiscal year's fourth quarter. Much of the IPO-generated funds were earmarked for the same purpose, but most was intended to finance promos and retail-placement fees.
Edited by Gerry Clark