Goodfood Announces Leadership Transition

Goodfood Announces Leadership Transition

MONTREAL, Aug. 4, 2026 /CNW/ -- Goodfood Market Corp. ("Goodfood" or the "Company") (TSX: FOOD), today announced that Selim A. Bassoul has resigned as Chief Executive Officer and as a member of the Board of Directors, effective August 3, 2026. 

Concurrently, Goodfood announced the appointment of Najib Maalouf as Chief Executive Officer. Mr. Maalouf has served as the Company's President and Chief Operating Officer since March 2026, and the Board's decision reflects its confidence in the continuity of the Company's leadership, strategy and day-to-day operations, as well as its ongoing review of strategic options.

"Mr. Maalouf's deep knowledge of our operations, culture, strategic priorities, and proven results make him the right leader to guide Goodfood forward," said Donald Olds, Lead Independent Director. "His appointment ensures continuity in the execution of our strategy at an important time for the Company as we carefully weigh our strategic options."

"I'm honoured to lead Goodfood into its next chapter," said Mr. Maalouf. "Having worked closely with our teams over the past several months, I look forward to building on the progress we've made, continuing to execute our strategy and delivering for our customers while making the right decisions for all of our key stakeholders."

Since joining Goodfood as President and Chief Operating Officer, Mr. Maalouf has played a key role in improving the Company's operational efficiency and evolving its business model. The Board expects no changes to strategic priorities or day-to-day operations as a result of this leadership transition including its ongoing strategic review process.

The Board of Directors also expressed its appreciation for Mr. Bassoul's leadership during a period of significant change.

"On behalf of the Board, I would like to thank Selim for his commitment, leadership and tireless efforts over the past year," said Donald Olds, Lead Independent Director. "His work helped reshape the Company's operating model, improve cash generation, and position Goodfood to pursue the next phase of its strategic process. We wish him every success in his future endeavours."

Mr. Bassoul commented:

"Serving Goodfood has been a privilege. I am proud of what our team accomplished together under challenging circumstances. Over the past several months, our employees demonstrated remarkable resilience and commitment as we streamlined operations, strengthened our financial discipline and built a leaner organization. These achievements belong to them.

I remain deeply appreciative of our employees, customers, suppliers and shareholders for their support throughout this journey, and I wish Goodfood continued success as it moves forward."

Goodfood remains committed to executing its strategy, supporting its employees and continuing to provide customers across Canada with the quality, value and convenience they have come to expect.

ABOUT GOODFOOD

Goodfood (TSX: FOOD) is Canada's leading digitally native meal solutions brand, delivering fresh meals that make it easy for customers nationwide to enjoy delicious, sustainable meals at home. Goodfood connects partner farms and suppliers directly to customers' kitchens, reducing food waste and retail overhead. Headquartered in Montreal, Québec, with production facilities in Québec and Alberta, Goodfood is building Canada's most loved millennial food brand.

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, information with respect to our objectives and the strategies to achieve these objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, assumptions, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", as well as the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Particularly, statements regarding the Company's ability to continue as a going concern, that management's attention may be diverted from ongoing operations as a result of the review of the strategic alternatives process, that additional financing or re-financing, a strategic change, transaction or any outcome will result from or be consummated or implemented as a result of the review of the strategic alternatives process and that any financing, re-financing or transaction resulting from the review of the strategic alternatives process, if any, will ultimately result in stabilizing the Company's financial position and debt levels for the benefit of all of its stakeholders, and as to value of the Company's securities. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical trends, current condition and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes.

Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in, or implied by, such forward-looking information. These risks and uncertainties include, but are not limited to, the potential inability of the Company to continue as a going concern, the outcome of the review of the strategic alternatives, and timing of such review and the risk factors discussed under "Risk Factors" in the Company's Annual Information Form for the 52 weeks ended September 6, 2025, available on SEDAR+ at www.sedarplus.ca and under the "Events and Presentations" section of our website at www.makegoodfood.ca/en/investors. This is not an exhaustive list of risks that may affect the Company's forward-looking statements. Other risks not presently known to the Company or that the Company believes are not significant could also cause actual results to differ materially from those expressed in its forward-looking statements. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, readers are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Certain assumptions were made in preparing the forward- looking information concerning the availability of capital resources, business performance, market conditions, as well as customer demand.

Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

SOURCE Goodfood