NSRGY Nestle SA (PK)

By Annie Gasparro and Joann S. Lublin 

Chobani Inc. is shaking up its top ranks, bringing in a Nestlé SA veteran to be its second highest executive and adding traditional industry experience to the fast growing Greek-yogurt brand.

Tim Brown, most recently chief executive of Nestlé Waters North America after nearly 30 years at the Swiss food titan, will join Chobani as president and chief operating officer later this month, according to Chobani's founder and Chief Executive Hamdi Ulukaya.

"He's the perfect person to partner with me," Mr. Ulukaya said. Employees at Chobani were notified on Monday morning, according to a spokesman.

Chobani has grown to more than $1.5 billion in annual sales since its yogurt first hit stores a decade ago. It almost single-handedly set off the craze for Greek-style yogurt in the U.S., attracting consumers with the variety's creamier texture, higher protein and lower sugar content. In January, Chobani overtook General Mills Inc.'s Yoplait in total yogurt sales for the first time, with about 20% market share, according market research firm Nielsen.

Mr. Brown replaces private-equity executive Kevin Burns, who stepped down in December. Chobani began looking for a new president and chief operating office last summer, according to a person close to the situation.

Moving from the role of Chief Operating Officer to Chief Executive is typical among food companies -- Hershey Co.'s former chief of operations stepped up to CEO last week, while General Mills Inc. is grooming its president and COO to take the helm as soon as this year.

Mr. Brown lacks a firm time frame for advancing to chief executive, a post still held by founder Mr. Ulukaya, but he eventually may get the promotion if justified by his performance, the person close to the situation said.

However, a spokesman for Chobani said Mr. Ulukaya has no intentions to leave, and that they haven't discussed succession plans with Mr. Brown.

Mr. Brown said "that is so far ahead of us," and "I'm excited for what Hamdi and I will do together."

Write to Annie Gasparro at annie.gasparro@wsj.com and Joann S. Lublin at joann.lublin@wsj.com

(END) Dow Jones Newswires

March 06, 2017 13:11 ET (18:11 GMT)

Nestle (PK) (USOTC:NSRGY)
Historical Stock Chart
From Mar 2024 to Apr 2024

Nestle (PK) (USOTC:NSRGY)
Historical Stock Chart
From Apr 2023 to Apr 2024