McCormick & Company has promoted its president and chief operating officer, Brendan Foley, to the role of president and chief executive officer, effective 1 September 2023.
Foley will replace current CEO Lawrence E. Kurzius, who will continue to serve as the company’s executive chairman of the board.
Kurzius held the positions of chairman and CEO at McCormick for over seven years. In June 2022, he transferred the role and duties of president overseeing the company’s global operations to Foley.
Foley first joined the company in 2014 and has held various leadership roles, including president of US consumer products; president of the company’s North American division; president of global consumer, Americas and Asia, and most recently, as president and chief operating officer. Prior to joining McCormick, he also worked for HJ Heinz and General Mills.
Michael D. Mangan, lead director for McCormick’s board, said: “During [Lawrence’s] tenure as CEO, sales grew over 50%, and market capitalisation more than doubled. Lawrence is widely credited with driving a period of tremendous growth, performance and expansion – including top-tier organic sales growth and the acquisitions of iconic brands like Frank’s RedHot, French’s and Cholula in addition to FONA, embedding purpose-led performance into McCormick’s culture by championing the company’s industry-leading sustainability efforts, and successfully leading McCormick through the unprecedented global pandemic.”
Kurzius commented: “…I am particularly excited to see my successor Brendan Foley leading the business forward. With his passion for McCormick and elevation of our commercial growth plans and execution, Brendan has a proven track record of delivering results as a leader. Moreover, he understands the importance of continuing our growth while ensuring we do the right things for people, communities, and the planet.”
By Rafaela Sousa
Source: foodbev.com
Paine Schwartz Partners has closed on a Paine Schwartz Food Chain Fund VI, L.P. at $1.7 billion. The fund is aimed at investing in the food and agribusiness value chain. The company has invested about 40% of Fund VI in AgroFresh Solutions, Costa Group, Elemental Enzymes, HGS BioScience and Monterey Mushrooms.
After 26 years in Geneva, Switzerland, the decision to move has been made after visitor and exhibitor feedback, as well as growth plans for the Vitafoods brand. Vitafoods Europe 2025 will be held on 20-22 May 2025 at Fira Barcelona, with more details to be announced next year.
The traditional symbol of family reunion and cultural pastry of Asia is undergoing a reinvention. With the majority of young consumers in Asia expressing an increasing interest in healthier options, a growing market for mooncakes tailored to dietary preferences and restrictions is opening up across the globe.
