Village Farms Appoints Interim CFO; Ruffini Becomes Head of M&A

What Happened Village Farms International, Inc. announced on September 10, 2026 that Hamid Shekarchi was appointed Interim Chief Financial Officer effective that date. Stephen C. Ruffini will cease serving as CFO but will remain a full‑time employee as Corporate Secretary, Head of M&A and an advisor to the CEO. The company filed an employment agreement for Mr. Shekarchi and furnished a press release (Exhibit 99.1).

Key Details

• Interim CFO: Hamid Shekarchi (age 41), previously CFO of the company’s Canadian cannabis operations since Feb 1, 2024; background includes senior roles at BDO Canada and PwC; CPA (CA) and CBV.
• Compensation package: annual base salary C$567,000; target annual bonus 50% of base (prorated for 2026); grant of 100,000 stock options; one‑time RSU equal to 20% of base salary as of the effective date.
• Long‑term incentives: 2027 RSU award timing and terms to match other executives, with target opportunity up to 20% of base salary.
• Termination & protections: if terminated without cause, 12 months’ pay (lump sum or continued pay at company discretion); post‑Change of Control resignation for Good Reason within 12 months triggers same severance. Employment will automatically end if U.S. work authorization is approved, at which point a new U.S. employment agreement will be offered; if denied, employment continues for up to 12 months transition.
• Restrictive covenants: confidentiality and IP obligations indefinite; 6 months non‑competition; 12 months non‑solicitation.
• Transition note: the filing states Ruffini’s move is not due to any disagreement with management or the board (as previously disclosed April 3, 2026).

Why It Matters This 8‑K notifies investors of a senior finance leadership change and the specific costs and obligations tied to the interim CFO role. The compensation and severance terms (C$567K base, bonus target, option and RSU grants, and potential 12‑month severance) indicate the company’s commitments for retaining finance leadership during the transition. Ruffini remaining in senior roles (Head of M&A and advisor) suggests continuity in corporate strategy and deal activity while Mr. Shekarchi assumes CFO responsibilities. The full employment agreement will be filed with the company’s upcoming Form 10‑Q for the quarter ending Sept 30, 2026.