Dive Brief:
- ConAgra CEO Sean Connolly laid out the dire straits the company finds itself in, with major changes needed to keep pace with competitors like Kraft Heinz, General Mills, and Mondelez and ensure survival of the company during a speech he made to employees in Omaha last week.
- These corporate initiatives include slimming down the company's portfolio by selling off its private label brands business, splitting its business into two public companies, relocating company headquarters, layoffs, and otherwise restrategizing to adapt to consumer trends, the Omaha World-Herald reported.
- "We’re either going to win or we’re going to die," Connolly said during his speech.
Dive Insight:
In his speech, Connolly noted that in the food and beverage industries, there are winners and losers with little room for anything in between, the World-Herald reported.
Those changes will likely mean shaking up the company's brand portfolio, including investments, divestitures, and strategic acquisitions. A Technomic executive recently commented that ConAgra lacks "power brands" and instead has many brands in its portfolio that most consumers aren't familiar with.