In a little-noticed securities filing made on the Wednesday before Thanksgiving — a day when many have their eyes on a turkey and not company news — Chiquita Brands International disclosed that Durk Jager, the former chief executive of Procter & Gamble, had resigned as a director after eight years on the board.
According to the filing, he verbally informed the board on Nov. 18 and then sent the following e-mail to the board the next day.
Dear Independent Directors:
This is to confirm that I have resigned from the Board of Directors of Chiquita Brands International, effective immediately.
The Company faces declining revenues, deteriorating profits, and a severe drop in its stock price. I have lost the confidence that we have the strategies and plans that can reverse this situation. Chiquita also lacks the capabilities to address basic operational requirements for a sound business.
The fact that Management did not want or could not respond to a request for a realistic 2011 forecast six weeks prior to the start of the new fiscal year is simply one such illustration.
I have enjoyed interacting with each of you, and have the greatest respect for your dedication to the interest of Chiquita and its stakeholders.
Durk
“The company thanks Mr. Jager for his service,” the filing said.
A call to a Chiquita spokesman was not immediately returned.