Dive Brief:
- ConAgra Foods announced a new president and CEO, 49-year-old food industry veteran Sean Connolly, who will officially replace current CEO Gary Rodkin on April 6, though will start at the company March 3 as CEO-elect.
- Connolly's resume includes presiding as CEO of Sara Lee North American Retail and Foodservice, president for Campbell Soup Co.’s North American division, and most recently president and CEO of Hillshire Brands Co. before the company was acquired by Tyson Foods Inc. in 2014.
- ConAgra board Chairman Steve Goldstone praises Connolly for his “track record of building brands, energizing teams and creating value,” which makes him an "ideal fit" for ConAgra.
Dive Insight:
ConAgra, with brands like Chef Boyardee, Orville Redenbacher’s, and Reddi-wip, has seen declining sales as of late, so Connolly has his work cut out for him. In a separate announcement, ConAgra also lowered its profit forecast, including a drop in predicted 2015 fiscal year earnings to between $2.13 and $2.18 a share, a cut from analysts' estimates of $2.26 per share.