Whole Earth Brands, Inc. announced that the Board of Directors (the ?Board?) of the Company has implemented an executive transition in connection with its Special Committee?s review of the previously announced non-binding proposal received from Sababa Holdings FREE, LLC (?Sababa?) and the Board?s broader consideration of potential strategic alternatives. On July 16, 2023, the Board unanimously resolved to place Mr. Michael Franklin, Chief Executive Officer of the Company, on a leave of absence, effective immediately. The Board determined that such action was required so the Board may adequately discharge its fiduciary duties in connection with the evaluation of the previously announced, non-binding proposal received by the Company from Sababa on June 25, 2023, as well as other strategic alternatives that may be available to the Company including maintaining the status quo as a standalone publicly-traded company.

Mr. Franklin is a partner in Mariposa Capital, a family investment firm of which Mr. Franklin?s father is the founder and CEO and which is an affiliate of Sababa. In the interim, the Board has appointed Rajnish Ohri, the Company?s current President & Chief Operating Officer ? International Business (Branded CPG segment), and Jeffrey Robinson, the Company?s current President Mafco (Flavors & Ingredients segment), to act as the Company?s Interim Co-Chief Executive Officers, effective July 16, 2023.

Rajnish Ohri is a seasoned entrepreneur and accomplished business operator with more than 30 years of experience in the consumer packaged goods industry across various geographies and cultures. As Vice President & Managing Director of IMEA at Whole Earth Brands from 2020 to April 2023, he has demonstrated his passion for driving growth in underdeveloped markets and achieving positive results. Prior to joining Whole Earth Brands, Rajnish served as the Managing Director of the Hain Celestial businesses in the IMEA region.

With his wealth of knowledge and expertise, Rajnish has established himself as a dynamic leader in the industry, committed to driving growth and achieving success through innovation and strategic thinking. Jeffrey Robinson served as President of Company subsidiary Mafco Worldwide LLC (?Mafco?) and the Whole Earth Brands Flavors & Ingredients division from December 2020 to July 2023. Mr. Robinson began his career with Mafco in 1992.

From August 2016 until December 2020, he was responsible for Mafco?s licorice extract business. Mr. Robinson served as Mafco?s CFO from November 2004 to December 2013. Mr. Robinson left Mafco in December 2013 (rejoining Mafco in August 2016) to work as CFO of Frutarom USA (now part of International Flavors & Fragrances ?

IFF). The members of the Special Committee are Steven M. Cohen, who will serve as the Chairperson of the Special Committee, Irwin D. Simon and Denise Faltischek.