MIAMI -- Tierra Nueva Technologies, the Miami-based global coffee technology and manufacturing company, has named former long-time Coca-Cola executive Patrick M. Worsham Chief Financial Officer (CFO). Worsham is also partner and CFO of Tampa, Fla.-based ProspEquity Partners (PEP), and played a significant role in executing PEP’s acquisition of a majority stake in Tierra Nueva earlier this year.
“Pat is one of the most respected senior executives in the beverage and consumer packaged goods industry in the world. His knowledge, skills, financial acumen, experience and relationships will help ensure that Tierra Nueva reaches all of its business objectives and more,” said David G. Burke, CEO of Tierra Nueva, the worldwide leader in Edible Coffee®.
Worsham served in numerous senior financial leadership positions during his 20-year career with The Coca-Cola Company. As Senior Vice President and CFO of Coca-Cola North America, he developed a multi-year, billion-dollar co-investment program in cold drink sales equipment and a daily sales reporting system, necessitating the cooperation of 100 independent bottlers throughout the United States.
As Coca-Cola’s internal audit director, he authored the company’s Code of Business Conduct and administered the business ethics program, reporting directly to the audit committee of the board of directors. During his Coca-Cola career, Worsham also served on the boards of directors of the French and German bottlers, led M&A activity exceeding $1 billion, and was involved in (at that time) one of the largest IPOs in U.S. history, taking the company’s largest U.S. bottler public.
Christopher D. Ramonetti, Chairman of the Board of Tierra Nueva, commented that Worsham’s extraordinary professional expertise in managing highly complex financial structures supporting global operations of multi-national business enterprises provides him, the CEO and the board with confidence in Tierra Nueva’s sound financial future.
“I’m really impressed by Pat’s ability to connect to every level of the company to enable and empower a transformative, highly positive culture,” said Ramonetti. “Pat’s proven dedication to a remarkable duty of care in all fiduciary matters allows me and the CEO the ability to focus on the phenomenal growth ahead, while assuring all stakeholders that this enterprise will flourish financially and exceed all of its global objectives.”
Worsham was recruited by Coca-Cola to direct the worldwide internal audit function, and is credited with transforming this function into one considered state-of-the-art and a primary source of financial leadership talent for Coca-Cola globally. He rose to Vice President and Controller, responsible for the management and external financial reporting processes and systems, strategic planning processes, and operational and capital budgeting for the world-wide operations.
“My passion is to continually identify and act upon opportunities to make people, processes and systems more effective in adding value to the enterprise and identifying how each individual can contribute to value creation,” Worsham said. “I’ll continue to use my CPG experience and network to add value to Tierra Nueva. I strongly believe in the power of an effective team and worldwide relationships in creating win-win-win results for Tierra Nueva, its business partners and our consumers.”
Worsham has served on the Board of Advisors of the business schools at the University of Illinois and Georgia State University. He was an executive in residence at the University of Illinois, and currently serves on the Board of Fellows at the University of Tampa. He is also a past board member of the Georgia Cystic Fibrosis Foundation and a member of the American Institute of CPAs and the Georgia Society of CPAs.
ABOUT TIERRA NUEVA TECHNOLOGIES
Under the leadership of Managing Partner and CEO Christopher D. Ramonetti, ProspEquity Partners acquired a majority stake in Tierra Nueva Technologies in May, 2018. Tierra Nueva has successfully expanded into whole bean coffee processing and manufacturing, resulting in a variety of exciting products and experiences using 100 percent of the coffee bean. While most companies try to squeeze more out of each bean to maximize output, Tierra Nueva developed the proprietary process of using the whole bean with no waste. This process enables creation of a proprietary, stable coffee concentrate that can be used as a branded ingredient for a variety of large-scale applications, including frozen desserts, bakery, confectionery and ready-to-drink products.
Tierra Nueva has product tested, piloted and nationally launched various formats for branded and privately labeled Edible Coffee®, Coffee Thins™, Coffee Spreads and coffee ingredient products. It employs more than 80 at its 42,000-square-foot SQF3, kosher and Halal-certified facility in Miami.