Village Farms International announced on April 3 2026 that it has begun a formal succession planning process for its Chief Financial Officer, Stephen Ruffini. Ruffini will remain in the CFO role until a permanent replacement is identified, after which he will transition to a new leadership position focused on mergers and acquisitions.
Ruffini, who has served as CFO for nearly 17 years since 2009, has overseen the company’s transformation from a traditional produce distributor into a diversified cannabis, plant‑based consumer packaged goods, and clean‑energy business. The decision to move him to an M&A role reflects the company’s intent to accelerate inorganic growth and leverage his deep financial expertise to identify and execute strategic acquisitions.
The announcement comes after a year of record profitability for Village Farms. In 2025, the company posted a net income and Adjusted EBITDA that beat 2024 figures, driven largely by the cannabis segment, which remains the primary revenue driver. International export sales and Canadian sales growth have been key contributors, while the plant‑based and clean‑energy businesses continue to expand capacity in Canada and the Netherlands.
In a statement, President and CEO Michael DeGiglio said, "We're proud to celebrate Steve's tremendous career as CFO of Village Farms, and thrilled to retain his talents to lead our efforts surrounding strategic M&A activities." DeGiglio added, "As a highly‑skilled and trusted advisor to our leadership team and Board, he's the perfect candidate to lead this function during such an important time for the Company." Ruffini added, "After nearly two decades with Village Farms, I'm honored to be transitioning away from the CFO role with the Company in the strongest financial position of its history. The Company has a bright future, which I look forward to contributing to through my new role and responsibilities."
Analyst sentiment on the announcement has been mixed. One consensus view rates the stock as a 'Hold' with an average price target of $1.48, while another source rates it as a 'Buy' with an average target of $5.10. As of April 2, the stock was trading at $2.74, slightly lower than recent levels, and an AI‑driven analysis downgraded the stock to a 'Sell' candidate due to technical weaknesses and a falling trend. The company’s strong balance sheet, low debt‑to‑equity ratio, and healthy liquidity position provide a solid foundation for the planned M&A initiatives.
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