Kormotech's founder says the pet food maker's growth to $210 million revenue has made his fast, founder-led style a constraint. He is now handing more power to an independent board and plans to step back from day-to-day control.
01Summary
- 01Kormotech was founded in 2003 by Rostyslav Vovk, his father and his sister, and he became CEO in 2008.
- 02The Ukrainian pet food company now has revenue of $210 million and is among the world's top 50 pet food manufacturers.
- 03In early 2024, Kormotech gave independent directors five of nine board votes, allowing them to block the CEO's decisions.
- 04The company employs 1,500 people across five countries, including the United States, and aims to become a global business.
- 05A planned acquisition of a Ukrainian company was blocked by the board, leading to better terms after renegotiation.
02Why it matters
The story shows how a fast-growing family business can outgrow founder-led decision-making. It also matters because Kormotech is trying to globalise while managing war-time disruption in Ukraine.
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