ConAgra Foods’ CFO John Gehring to Retire
May 24 2016 - 6:45AM
Business Wire
Reiterated Fiscal 2016 Guidance
ConAgra Foods, Inc. (NYSE:CAG) today announced that its
executive vice president and chief financial officer, John Gehring,
will retire after 14 years of service with the company. Gehring
will remain in his current role until a successor has been named
and will assist with an orderly transition. The company has
initiated a search to identify a replacement for Gehring.
“We are grateful for John’s many years of distinguished service
to our company,” said Sean Connolly, president and chief executive
officer, ConAgra Foods. “He has been an outstanding CFO, leader and
friend. We wish him the best of luck in his next chapter.”
Gehring added, “I am honored to have had the opportunity to
serve as CFO during such an important period for ConAgra Foods.
This has been the most professionally rewarding experience of my
career and I am proud of all that we have accomplished together
over the past 14 years. Looking ahead, I am confident that Sean and
the rest of the talented leadership team have positioned the
company to win over the long-term and create value for all
stakeholders.”
Gehring joined the company in 2002, and assumed the role of
executive vice president and chief financial officer in early 2009.
Before joining ConAgra Foods, John was a partner with Ernst &
Young. He also held auditing positions with PepsiCo and KPMG.
The company reaffirms its full-year fiscal 2016 EPS guidance of
$2.05-$2.07 from continuing operations, adjusted for items
impacting comparability.
About ConAgra Foods
ConAgra Foods, Inc. (NYSE: CAG) is one of North America's
leading packaged food companies with recognized brands such as
Marie Callender's®, Healthy Choice®, Slim Jim®, Hebrew National®,
Orville Redenbacher's®, Peter Pan®, Reddi-wip®, PAM®, Snack Pack®,
Banquet®, Chef Boyardee®, Egg Beaters®, Hunt’s® and many other
ConAgra Foods brands found in grocery, convenience, mass
merchandise and club stores. ConAgra Foods also has a strong
business-to-business presence, supplying frozen potato and sweet
potato products as well as other vegetable, spice and grain
products to a variety of well-known restaurants, foodservice
operators and commercial customers. For more information, please
visit us at www.conagrafoods.com.
Note on Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on management’s
current expectations and are subject to uncertainty and changes in
circumstances. These risks and uncertainties include, among other
things: ConAgra Foods’ ability to successfully complete the
spin-off of its Lamb Weston business on a tax-free basis, within
the expected time frame or at all; ConAgra Foods’ ability to
execute its operating and restructuring plans and achieve its
targeted operating efficiencies, cost-saving initiatives, and trade
optimization programs; ConAgra Foods’ ability to successfully
execute its long-term value creation strategy; ConAgra Foods’
ability to realize the synergies and benefits contemplated by the
Ardent Mills joint venture; risks and uncertainties associated with
intangible assets, including any future goodwill or intangible
assets impairment charges; the availability and prices of raw
materials, including any negative effects caused by inflation or
weather conditions; the effectiveness of ConAgra Foods’ product
pricing efforts, whether through pricing actions or changes in
promotional strategies; the ultimate outcome of litigation,
including litigation related to the lead paint and pigment matters
and the accident at its former Garner plant; future economic
circumstances; industry conditions; the effectiveness of ConAgra
Foods’ hedging activities, including volatility in commodities that
could negatively impact ConAgra Foods’ derivative positions and, in
turn, ConAgra Foods’ earnings; the success of ConAgra Foods’
innovation and marketing investments; the competitive environment
and related market conditions; the ultimate impact of any ConAgra
Foods’ product recalls; access to capital; actions of governments
and regulatory factors affecting ConAgra Foods’ businesses,
including the Patient Protection and Affordable Care Act; the
amount and timing of repurchases of ConAgra Foods’ common stock and
debt, if any; the costs, disruption and diversion of management’s
attention associated with campaigns commenced by activist
investors; and other risks described in ConAgra Foods’ reports
filed with the Securities and Exchange Commission, including its
most recent annual report on Form 10-K and subsequent reports on
Forms 10-Q and 8-K. Investors and security holders are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date they are made. ConAgra Foods
disclaims any obligation to update or revise statements contained
in this press release to reflect future events or circumstances or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160524005581/en/
ConAgra Foods, Inc.MEDIA:Dan Hare,
402-240-5274daniel.hare@conagrafoods.comorINVESTORS:Chris
Klinefelter, 402-240-4154chris.klinefelter@conagrafoods.com
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