Dive Brief:
- McCormick has announced the replacement of current CEO Alan Wilson by COO Lawrence Kurzius.
- Kurzius has served as president and COO since January, though he has been with the company for a decade, which has included being president of McCormick's U.S. consumer business and president of its international operations, including Europe, the Middle East, Africa, China, and Asia Pacific.
- Wilson has served as chairman and CEO since 2008 and will remain executive chairman after stepping down from his position as CEO.
Dive Insight:
Kurzius will lead McCormick through its new era of creating products deemed healthier by consumers. The company announced in September that about 80% of its U.S. Gourmet herbs and spices business will be organic and non-GMO by 2016, and more than 70% of all McCormick branded herbs, spices, and extracts in the U.S. will bear non-GMO labels. McCormick has also introduced a new non-GMO vanilla extract. Much of McCormick's portfolio is already non-GMO, but this move offers a new level of transparency for the company.
In its latest earnings, McCormick reported an uptick in revenue to $1.06 billion from $1.04 billion last year as the company rode the successes of its three acquisitions this year, including Stubb's barbeque sauces in June, Italian spice maker Drogheria & Alimentari in May, and marinades maker Brand Aromatics in March.
However, McCormick has struggled with currency headwinds, as many other companies have, which have contributed to falling profits for the company for past two quarters.