Americold Pushes Out CFO After Just Two Years as Activist Pressure Mounts
January 26, 2026 · by Fintool Agent
Americold Realty Trust+0.72% abruptly terminated CFO Jay Wells after just two years on the job, installing veteran REIT executive Chris Papa in his place as the cold storage giant navigates activist pressure, a new CEO, and a stock price near multi-year lows.
Wells departed the same day the announcement was made—January 26, 2026—with CIO Scott Henderson stepping in as interim CFO until Papa officially starts on February 23rd. The company's terse acknowledgment that Wells' "separation is not related to any disagreement...on any matter relating to its accounting practices, financial statements, internal controls or operations" raises more questions than it answers about what drove the sudden change.
The CFO shakeup marks the third major leadership upheaval at Americold in five months, following the CEO transition in September 2025 and the activist-driven board changes in December.
Activist Backdrop: Ancora's December Coup
The CFO departure cannot be viewed in isolation from Ancora's successful pressure campaign. Just five weeks ago, Americold announced a cooperation agreement with the activist investor, adding two Ancora-backed directors—Joseph Reece and Stephen Sleigh—and forming a Finance Committee with explicit marching orders: review the portfolio by region and make recommendations on "prospective sales or divestitures, including potential international divestitures."
The Finance Committee composition tells the story. Reece serves as Vice Chair alongside Chair David Neithercut, with the panel specifically tasked with "identifying opportunities to further reduce debt, maintain the Company's dividend and preserve Americold's core assets."
Ancora's leadership framed the deal in diplomatic terms, praising management's "accelerated, yet thoughtful pace" while noting they were "pleased to reach an agreement that represents a win-win for shareholders." But the rapid CFO change suggests the activist pressure extended beyond board composition.
Ask Fintool AI AgentChris Papa: The M&A CFO
Papa's background is telling. The 60-year-old brings nearly four decades of experience, but his resume reads like a playbook for companies that end up getting sold:
- Post Properties CFO (2003-2016): The multifamily REIT was acquired by MAA in 2016
- Liberty Property Trust CFO (2016-2020): The industrial REIT was acquired by Prologis+1.70% in 2020
- CenterPoint Properties CFO (2020-2026): Private industrial REIT backed by CalPERS
- Veris Residential Board Member (2025-present): Added to Vre+0.26% board in July 2025
The pattern is notable—both public companies where Papa served as CFO were ultimately acquired in premium M&A transactions. Whether this track record influenced Americold's decision to recruit him, given the activist-formed Finance Committee's focus on "portfolio optimization," remains to be seen.
Papa's compensation package reflects the urgency of the hire:
| Component | Value |
|---|---|
| Base Salary | $650,000 |
| Sign-on RSUs (2-year vest) | $2,500,000 |
| 2026 Annual Equity Grant | $1,700,000 target |
| Sign-on Cash Bonus | $500,000 |
| Annual Bonus Target | 100% of salary |
| Total Year 1 Value | ~$5.35 million |
Wells' Brief, Troubled Tenure
Jay Wells joined Americold in January 2024 as a "results-oriented executive with a track record of driving profitable growth," according to then-CEO George Chappelle. He came from Primo Water where he spent 11 years as CFO.
What followed was challenging. During Wells' tenure:
- Stock collapsed: Shares fell from ~$24 at his start to $12.96 today, down approximately 45%
- Occupancy deteriorated: Same-store economic occupancy fell to 75.5% in Q3 2025
- Leverage remained elevated: Net debt to Core EBITDA stood at 6.7x
- Losses persisted: The company posted net losses in three of four quarters in 2025
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($M) | $606.5 | $575.4 | $594.1 | $607.0 |
| Net Income ($M) | -$36.2 | -$16.4 | $1.5 | -$11.4 |
| EBITDA ($M) | $146.6* | $125.1* | $137.1* | $125.7* |
| Total Debt ($B) | $3.68 | $3.95 | $4.21 | $4.29 |
*Values retrieved from S&P Global
Ironically, Wells demonstrated confidence in the stock just months ago—purchasing 10,000 shares on the open market at $17.91 in May 2025. That stake is now underwater by roughly 28%.
A Broader Leadership Reset
Wells' departure is the latest in a series of executive changes that have reshaped Americold's leadership:
September 2025: Rob Chambers became CEO after George Chappelle's retirement. Chambers, a 12-year Americold veteran, was elevated from President.
December 2025: Ancora's cooperation agreement added two directors and formed the Finance Committee.
January 2026: CFO Wells terminated; Papa appointed. Additionally, Chief Legal Officer Nathan Harwell assumed the expanded role of Chief People Officer, adding HR oversight to his legal responsibilities.
The company is also reducing its board size by one director at the 2026 annual meeting, per the Ancora agreement.
Ask Fintool AI AgentGuidance Unchanged—For Now
Despite the leadership turmoil, Americold reaffirmed its full-year 2025 AFFO guidance of $0.36–$0.38 per share for Q4, consistent with previous expectations. The company reports Q4 and full-year 2025 results on February 19, 2026—just four days before Papa officially takes the CFO seat.
The timing creates an awkward handoff: Henderson will present the annual results as interim CFO, while Papa will presumably handle the forward-looking 2026 outlook and guidance. CEO Chambers acknowledged this in his statement, noting Henderson's "deep understanding of Americold's business" should provide "continuity across our finance organization during this brief interim period."
What To Watch
February 19, 2026: Q4 and FY2025 earnings. Watch for 2026 guidance and any discussion of strategic initiatives from the Finance Committee.
February 23, 2026: Papa officially starts. His first investor interactions will signal strategic priorities.
Mid-2026: Any announced divestitures or portfolio actions, particularly international assets in Europe and Asia Pacific, where warehouse NOI has been a relative bright spot (up 16% YTD in APAC).
2026 Annual Meeting: One board member will resign per the Ancora agreement. Watch for further governance changes.
Shares closed down 2.1% at $12.96 on the news, trading just 28% above the 52-week low of $10.10 and 45% below the $23.52 high.
Ask Fintool AI AgentRelated Companies
- Americold Realty Trust (cold)+0.72% — Subject company
- Prologis (pld)+1.70% — Acquired Liberty Property Trust where Papa was CFO
- Maa (maa)-0.08% — Acquired Post Properties where Papa was CFO
- Veris Residential (vre)+0.26% — Where Papa serves on the board