Dive Brief:
- Mark T. Smucker will become the new president and CEO of The J.M. Smucker Company come May 1 amid a slew of transitions in company leadership.
- Richard Smucker, who has been the CEO since 2011 and co-CEO since 2001, will take over the role of executive chairman of the board.
- Mark T. Smucker is the fifth generation of Smucker's founding family.
Dive Insight:
Mark T. Smucker's promotion from his position as the consumer and natural foods president speaks to the company's commitment to staying on top of trends with experience at the helm.
In the company's most recent earnings call, he outlined the importance of consumer trends in business decisions.
"But what's interesting is and where we have seen good growth is on the on-trend items, like gluten-free and the more simple ingredients," he said. "Those businesses seem to be doing very well, albeit not enough to offset the declines in sort of the mainstream business."
Smucker announced a 37% increase in third quarter net sales to $1.97 billion, due in large part to its acquisition of Big Heart Pet Brands during fiscal 2015.
CEO Richard Smucker attributed the quarter's performance to releasing on-trend products, including Dunkin' Donuts K-Cup pods, and lowering prices on Folgers products.
