Smucker Names Mark T. Smucker CEO
March 07 2016 - 08:30PM
Dow Jones News
J.M. Smucker Co. said Mark T. Smucker will become chief
executive on May 1, replacing his uncle, Richard K. Smucker.
Smucker products include Folgers, Pillsbury, Jif and its
namesake fruit spreads.
Mark T. Smucker, a fifth-generation member of the company's
founding family, has been president of consumer and natural foods
since April 2015.
Richard K. Smucker will become executive chairman, replacing his
brother Timothy P. Smucker, who will be chairman emeritus and
remain on the board.
The company said the move provides "continuity in management,
and underscores the company's commitment to focusing on long-term
growth and industry leadership."
Smucker said its board believes "continuing participation by
qualified members of the Smucker family on the board is an
important part of" its corporate culture that has helped its
long-term success.
The company also promoted Mark R. Belgya and Steven Oakland to
the additional roles of vice chair, effective May 1.
Like other makers of iconic supermarket items, Smucker has
sought to diversify its portfolio and address consumer concerns
about ingredients.
Smucker's recent acquisitions have included pet food company Big
Heart Brands and nut and fruit snack maker Sahale Snacks Inc.
It has made product changes such as taking out trans fats from
Crisco.
In February, Smucker sharply raised its earnings guidance for
the year as its profit jumped 15% in the latest quarter, handily
beating Wall Street expectations on continued momentum in its
coffee business.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 07, 2016 20:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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