Spice maker McCormick & Co. said Tuesday that Lawrence Kurzius would replace Chief Executive Alan Wilson, who will continue as executive chairman of the board.
The moves are effective Feb. 1.
Mr. Kurzius, 57 years old, who was elected to the board Nov. 24, was previously president and chief operating officer. In the new position, he will receive an annual base salary of $900,000, according to company filings. Since January, he has taken over global operations from Mr. Wilson, 58.
Lead board director Michael Mangan said Mr. Wilson helped drive the company’s financial success. Sales grew more than $1 billion to $4.2 billion and market capitalization doubled during his eigh-year tenure, Mr. Mangan said.
Mr. Kurzius, who has been in leadership positions with McCormick since 2007, was previously CEO of Zatarain’s, which was purchased by McCormick. He also worked with Uncle Ben’s, a division of Mars Inc. and the Quaker Oats Co.
By Anne Steele
Source: Wall Street Journal
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