ConAgra Names CEO, Chairman of Potato Business Spinoff
July 13 2016 - 8:40AM
Dow Jones News
ConAgra Foods Inc. on Wednesday provided more details on its
previously announced plan to spin off its Lamb Weston potato
business, naming Thomas Werner and Timothy McLevish chief executive
and executive chairman, respectively.
The split of Lamb Weston will rid ConAgra of most of its
existing business selling foods to restaurants and other commercial
customers, leaving it to focus on its dozens of grocery-store
brands, which include Peter Pan peanut butter, PAM cooking spray,
Hebrew National hot dogs and Gulden's mustard.
ConAgra CEO Sean Connolly said the separation will create two
focused companies and "tremendous progress" has been made since
last November when the plan was announced. The spinoff is on track
for this fall.
Mr. Werner, 50 years old, currently leads the company's Lamb
Weston and food service businesses, as well as the Spicetec flavors
and Seasonings and JM Swank operations, which are being divested.
He was previously interim president of ConAgra's private brands and
has held a series of finance and managerial positions throughout
the company.
Mr. McLevish, 61, is currently a director. He was formerly
finance chief at Walgreens Boots Alliance Inc. and now serves as a
consultant to the company. He previously held various positions
within Kraft Foods Group and Kraft Foods Inc., including CFO.
Lamb Weston's portfolio will include frozen potato, sweet
potato, appetizer and other vegetable products, as well as a
continued presence in retail frozen products under licensed brands
and private brands. The remaining business, ConAgra Brands, will
consist of the operations currently in ConAgra's consumer foods
segment—which includes Marie Callender's, Hunt's, Reddi-wip, Slim
Jim, Chef Boyardee, Orville Redenbacher's, P.F. Chang's and Healthy
Choice—and the food service business.
Shares of ConAgra, inactive premarket, have risen 13% this year
so far to $47.72.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
July 13, 2016 08:25 ET (12:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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