Freshpet Hires Zoetis Exec as CFO — What It Signals

Freshpet named John O'Connor as its new CFO, effective February 9. The hire from Zoetis — the world's largest animal health company — signals Freshpet is building a finance function fit for a company that wants to be taken seriously by institutional investors, not just category enthusiasts.

What Happened

Freshpet (NASDAQ: FRPT) announced two executive appointments on February 4:

John O'Connor joins as Chief Financial Officer, reporting to CEO Billy Cyr. O'Connor spent the last decade at Zoetis, most recently as Senior Vice President of Global Commercial Finance. Before that, he served as CFO of Thrive Pet Healthcare, a veterinary services platform, from 2021 to 2023. Earlier career includes senior finance, investor relations, and capital markets roles at Zoetis and Pfizer. He holds an MBA-equivalent in public policy from William & Mary and is a CFA charterholder.

Ana Lopez joins as Senior Vice President of Supply Chain, reporting to COO Nicki Baty. Lopez spent over 20 years at Unilever and Johnson & Johnson, most recently as Senior Vice President of North America Foods Supply Chain at Unilever — a multi-billion-dollar portfolio spanning ice cream, condiments, and other refrigerated categories.

Ivan Garcia, who served as interim CFO, transitions to Senior Vice President of Finance.

CEO Billy Cyr framed the hires as deliberate positioning: "John and Ana are exceptional leaders whose experience sits squarely at the intersection of food and health — exactly where Freshpet operates."

Freshpet reaffirmed its full-year 2025 guidance. Q4 and full-year results drop February 23.

Why It Matters

This is a maturation hire, not a turnaround play.

Freshpet has spent the past year executing a transition that most DTC-era food brands are still struggling with: moving from growth-at-all-costs to profitable operations. The company delivered its first positive net income in 2024. But the stock is down roughly 55% over the past 52 weeks (as of February 9, 2026) as investors recalibrate expectations — growth has slowed from 20%+ to guidance of around 13% net sales growth.

The O'Connor hire makes strategic sense for three reasons:

1. Zoetis credibility matters. Zoetis is the benchmark for animal health finance — a $70B+ market cap company with best-in-class investor relations and capital allocation discipline. Hiring from Zoetis signals to institutional investors that Freshpet is building a finance function to institutional standards. The CFA credential and investor relations background aren't accidents.

2. The Thrive experience is relevant. O'Connor spent two years as CFO at Thrive Pet Healthcare, a PE-backed veterinary consolidation platform. Thrive operates at the intersection of health services, real estate, and labor management — complex operations with capital-intensive growth. Freshpet's "Kitchens" expansion model (15 production lines today, targeting 24+) has similar characteristics: heavy upfront capital, capacity-constrained scaling, and long-term unit economics.

3. The supply chain parallel hire isn't coincidental. Bringing in Lopez from Unilever's food supply chain operation alongside O'Connor suggests coordinated capability-building. Freshpet's growth constraints are largely operational — they're building production capacity to support up to $3B in sales, versus 2024 revenue of $975M (guiding to $1.1-1.15B for 2025). Pairing finance discipline with supply chain execution expertise signals the company is serious about the next phase.

The investor question this raises: Is Freshpet gearing up for life as an independent public company, or building a management team that would make it more attractive as an acquisition target? The pet food M&A market has been quiet, but premium fresh brands remain strategically interesting to legacy players. A professionalized finance and operations team makes Freshpet easier to integrate.

What to Watch

1. The February 23 earnings call. Listen for how O'Connor frames capital allocation priorities. Does Freshpet lean into capacity expansion, or does it signal a pivot toward margin optimization? The CFO's first earnings appearance will set the tone.

2. Fresh category competition. Freshpet's competitive moat has been refrigerated distribution — a supply chain complexity that kept Chewy and Amazon on the sidelines. But both are eyeing fresh. A Unilever supply chain executive suggests Freshpet is preparing for competition from players who know how to do cold chain at scale.

3. M&A signals. Watch for any strategic review language or advisor engagements. Hiring institutional-grade leadership can be a prelude to exploring options. Mars, Nestle Purina, and Hill's have all signaled interest in fresh through smaller acquisitions

‍