Sector News

Smucker names Mark T. Smucker CEO

March 8, 2016
Food & Drink

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.

By Josh Beckerman

Source: Wall Street Journal

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