ORRVILLE, Ohio, March 7, 2016 /PRNewswire/ -- The J.M.
Smucker Company (NYSE: SJM) (the "Company" or "Smucker") today
announced that its Board of Directors has implemented a leadership
transition plan that leverages the strong capabilities of the
executive team, provides continuity in management, and underscores
the Company's commitment to focusing on long-term growth and
industry leadership.
Effective May 1, 2016,
Mark T. Smucker, President, Consumer
and Natural Foods, member of the Company's Board of Directors, and
fifth generation of the Company's founding family, has been
appointed President and Chief Executive Officer, succeeding
Richard K. Smucker, who has served
as Chief Executive Officer since 2011 and Co-Chief Executive
Officer since 2001. Richard Smucker
will become Executive Chairman of the Board, succeeding current
Chairman Timothy P. Smucker, who
will transition to the role of Chairman Emeritus and will remain on
the Company's Board of Directors as a non-employee Director.
Gary A. Oatey, Chairman of the
Board of Director's Nominating and Corporate Governance Committee,
said, "As an organization highly focused on talent development and
operating with a long-term perspective, Mark's appointment reflects
the Board's thoughtful approach to succession planning. Mark has
consistently demonstrated that he is a visionary leader, an
innovator, and a steward of the Company's unique culture. Mark has
held senior positions in nearly all major businesses within the
organization and has played an important role with acquisitions and
business integrations over the past 18 years. The Board believes he
is the right executive to lead Smucker in the years ahead.
Additionally, we will continue to benefit from Richard's strategic
oversight and institutional knowledge as he assumes the role of
Executive Chairman. The changes announced today reinforce our
commitment to maintaining Smucker's heritage and culture, which
creates an environment where employees deliver exceptional results,
benefiting all of our constituents."
"We are pleased to announce this leadership transition at an
exciting time for our Company as we continue to deliver record
results and our brands lead in key market categories," said
Richard Smucker. "Today's
announcement exemplifies the Company's long-term succession
planning and underscores the tradition of management continuity
that has shaped Smucker into the company it is today. On behalf of
the Board of Directors and the entire Company, we are proud of
Mark's numerous contributions and his accomplishments as a leader
within our organization and our industry. We are confident that
under his leadership, and with the support of our dedicated
employees, the Company will continue to innovate, evolve, and grow
in the years to come. Leading this organization has been an immense
pleasure. I am grateful for the opportunity to have worked
alongside the best team in the industry and look forward to many
more accomplishments in the future."
Mark Smucker said, "Our Company
was built by thousands of families, just like ours, who have cared
about its success for over 119 years. I am humbled to serve as a
steward of this great company, leading and working with our
talented team to build on our prominent market position, and drive
continued growth and shareholder value at Smucker. I am honored to
succeed Richard as the next Chief Executive Officer of the Company.
He has not only been a valuable mentor to me throughout my career,
he has also led our Company through a period of significant
expansion and strategic transformation. As a result, today, Smucker
and our family of iconic brands are stronger than ever. I
look forward to working closely with Richard, the Board of
Directors, our outstanding leadership team, and our talented
employees across the Company, collectively serving all of our
constituents – consumers, customers, employees, suppliers,
communities, and shareholders."
Timothy Smucker added, "At
Smucker, we have a remarkable team that is committed to developing
leaders from within. Our unique culture is critical to our
long-term performance and preserving its strength remains a
priority for our Company. Mark's appointment to President and Chief
Executive Officer and Richard's transition to Executive Chairman
further demonstrate our adherence to our core values. Personally,
it has been a privilege to lead the Board of Directors and oversee
strategic initiatives that have bolstered the performance of each
of our businesses. I am extremely proud of our team's achievements,
dedication, and support. Particularly, I want to thank Richard for
his years of relentless execution and visionary leadership that
have ultimately resulted in our transformational growth, strong
market position, and portfolio of iconic brands. I look forward to
my ongoing involvement as Chairman Emeritus and wish Mark continued
success in his new role as President and Chief Executive Officer. I
have every confidence that the business will thrive under his
direction."
Concurrent with these appointments, the Smucker Board of
Directors has also promoted Mark R.
Belgya and Steven Oakland to
the additional management roles of Vice Chair, effective
May 1, 2016. Belgya, currently Senior
Vice President and Chief Financial Officer, will be Vice Chair and
Chief Financial Officer, and Oakland, currently President, Coffee
and Foodservice, will be Vice Chair and President, U.S. Food and
Beverage. In addition to his role as Chief Financial Officer,
Belgya will be responsible for strategy, mergers and acquisitions,
government and industry affairs, and information services. Oakland
will be responsible for the Company's U.S. food and beverage
businesses, including U.S. retail coffee, U.S. retail consumer
foods, foodservice, natural foods, U.S. retail sales, and marketing
services.
Richard Smucker added, "We are
also pleased to name Mark Belgya and
Steve Oakland as Vice Chairs of the
Company. Both have been valued team members for more than 30 years
and their contributions to Smucker's long-term success are
innumerable. We are confident that their additional support and
insights will be instrumental in achieving balanced growth for the
Company. We believe this leadership team has a deep breadth of
experience and is the strongest in the industry."
Today's announcements are in line with the Company's long-term
strategy and continued focus on creating a larger, stronger, and
more diversified organization.
About Mark T.
Smucker
Mark T.
Smucker has been President, Consumer and Natural Foods,
since April 2015. Prior to that time,
he served as President, U.S. Retail Coffee, since May 2011; President, Special Markets, since
August 2008; Vice President,
International, since July 2007; Vice
President, International and Managing Director, Canada, since
May 2006; and Vice President and
Managing Director, Canada, since June
2004. Mark previously served as a member of the Board of
Directors of GS1 US, which is a member of GS1, a leading global
standards organization. Mark is the son of Timothy P. Smucker and the nephew of
Richard K. Smucker.
About Richard K.
Smucker
Richard K.
Smucker has been Chief Executive Officer since August 2011. He served as Co-Chief Executive
Officer from February 2001 through
August 2011. Richard serves on the
Board of Directors of the Grocery Manufacturers Association, Food
Marketing Institute, and the Consumer Goods Forum. Richard is also
a member of The Sherwin-Williams Company Board of Directors, and
former director and chairman of the Cleveland Federal Reserve
Bank.
About Timothy P.
Smucker
Timothy P.
Smucker has been Chairman of the Board since August 2011 and served as Co-Chief Executive
Officer from February 2001 through
August 2011. Timothy is a member
of the Board of Directors of Hallmark Cards, Incorporated.
Timothy is the Chairman Emeritus of the GS1 Management Board, a
leading global standards organization. In addition, he serves as a
trustee on The Ohio State University
Board of Trustees.
About Mark R.
Belgya
Mark R. Belgya
has been Senior Vice President and Chief Financial Officer since
October 2009. He was initially
appointed Chief Financial Officer in January
2005. Mark has served in a number of accounting and finance
related positions, including Vice President and Treasurer and
Corporate Controller. He began his career at Smucker in 1985. Mark
previously served as a member of the Board of Directors of MOM
Brands, a privately held food manufacturer.
About Steven
Oakland
Steven Oakland
has been President, Coffee and Foodservice, since February 2015. Steven held various positions
including President, International, Foodservice, and Natural Foods;
President, U.S. Retail - Smucker's, Jif, and Hungry Jack; Vice
President and General Manager, Consumer Oils and Baking; Vice
President and General Manager, Foodservice, and General Manager of
J.M. Smucker Canada. He began his
career at Smucker in 1982. Steven is a member of the Board of
Directors of Foot Locker Inc., a publicly held specialty athletic
retailer, and MTD Products, a privately held manufacturer of
outdoor power equipment.
About The J.M. Smucker Company
For nearly 120 years, The J.M. Smucker Company has been
committed to offering consumers quality products that bring
families together to share memorable meals and moments. Today,
Smucker is a leading marketer and manufacturer of consumer food and
beverage products and pet food and pet snacks in North America. In consumer foods and
beverages, its brands include Smucker's®,
Folgers®, Jif®, Dunkin'
Donuts®, Crisco®,
Pillsbury®, R.W. Knudsen
Family®, Hungry Jack®, Café
Bustelo®, Martha
White®, truRoots®,
Sahale Snacks®, Robin
Hood®, and Bick's®. In pet
food and pet snacks, its brands include Meow Mix®,
Milk-Bone®, Kibbles 'n Bits®, Natural
Balance®, and 9Lives®. The Company
remains rooted in the Basic Beliefs of Quality, People,
Ethics, Growth, and Independence established by its
founder and namesake more than a century ago. For more information
about the Company, visit jmsmucker.com.
The J.M. Smucker Company is the owner of all trademarks
referenced herein, except for the following, which are used under
license: Pillsbury® is a trademark of The
Pillsbury Company, LLC and Dunkin' Donuts® is a
registered trademark of DD IP Holder LLC.
Dunkin' Donuts® brand is licensed to The J.M.
Smucker Company for packaged coffee products sold in retail
channels such as grocery stores, mass merchandisers, club stores,
and drug stores. This information does not pertain to
Dunkin' Donuts® coffee or other products for sale
in Dunkin' Donuts® restaurants.
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