Pinnacle Foods Announces Departure of CEO and Provides Status of Succession Plan
Parsippany, NJ, March 23, 2016 - Pinnacle Foods Inc. (NYSE: PF) today announced that Robert J. Gamgort, Chief Executive Officer of the Company since July 2009, will be leaving Pinnacle at the end of April to assume the role of CEO of Keurig Green Mountain, a leader in single-serve coffee and beverage technologies recently acquired by a JAB Holding Company-led consortium. Gamgort will continue to lead Pinnacle and serve on the Company’s Board of Directors until the time of his departure.
The Pinnacle Board of Directors has activated its search process, with the Search Committee already evaluating both internal and external candidates. The process is expected to conclude in time for a seamless transition with Gamgort.
Commenting on the announcement, Pinnacle Chairman Roger K. Deromedi stated, “Bob has been an outstanding CEO since 2009, having led the organization from private to public ownership. The clarity of Pinnacle’s strategy, combined with the strength of both its leadership team and Board of Directors, gives me confidence in our ability to deliver attractive shareholder returns, including our expectation for another strong year in 2016. While we are disappointed that Bob will be leaving Pinnacle, we thank him for his years of leadership that have positioned the Company for continued success and wish him well in his new role.”
Gamgort added, “The decision to leave Pinnacle is a difficult one, as I am very proud of the unique business model that we have developed and the significant value that we have created for all stakeholders. I am most proud, however, of the strong management team and Board of Directors that we have built, as they will continue to drive Pinnacle’s future success. Finally, I have great confidence that my significant investment in Pinnacle is in capable hands and look forward to the CAGNY-sponsored event in NYC tomorrow, during which the Company will discuss our 2016 plans and strategy for ongoing value creation.”
Senior Vice President, Investor Relations
Pinnacle Foods Inc.
Pinnacle Foods Inc.
About Pinnacle Foods Inc.
In more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is ranked on Fortune Magazine's 2015 Top 1000 companies list. We are a leading producer, marketer and distributor of high-quality branded food products, which have been trusted household names for decades. Headquartered in Parsippany, NJ, our business employs an average of 5400 employees. Our Duncan Hines Grocery segment manages brands such as Duncan Hines® baking mixes and frostings, Vlasic® and Vlasic Farmer's Garden® shelf-stable pickles, Wish-Bone® and Western® salad dressings, Mrs. Butterworth's® and Log Cabin® table syrups, Armour® canned meats, Brooks® and Nalley® chili and chili ingredients, Duncan Hines® Comstock® and Wilderness® pie and pastry fruit fillings and Open Pit® barbecue sauces. Our Birds Eye Frozen segment manages brands such as Birds Eye®, gardein™, Birds Eye Steamfresh®, C&W®, McKenzie's®, and Freshlike® frozen vegetables, Birds Eye Voila!® complete bagged frozen meals, Van de Kamp's® and Mrs. Paul's® frozen prepared seafood, Hungry-Man® frozen dinners and entrees, Aunt Jemima® frozen breakfasts, Lender's® frozen and refrigerated bagels, and Celeste® frozen pizza. Our Specialty Foods segment manages Tim's Cascade Snacks®, Hawaiian® kettle style potato chips, Erin's® popcorn, Snyder of Berlin® and Husman's® snacks in addition to our food service and private label businesses. The acquisition of Boulder Brands adds well-known brands such as Glutino®, Udi's Gluten Free®, Earth Balance®, EVOL foods, and Smart Balance® to the Pinnacle Foods portfolio. Further information is available at www.pinnaclefoods.com.
This release may contain statements that predict or forecast future events or results, depend on future events for their accuracy or otherwise contain "forward-looking information." The words "estimates," "expects," "contemplates," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "may," "should," and variations of such words or similar expressions are intended to identify forward-looking statements. These statements are made based on management's current expectations and beliefs concerning future events and various assumptions and are not guarantees of future performance. Actual results may differ materially as a result of various factors, some of which are beyond our control, including but not limited to: general economic and business conditions, deterioration of the credit and capital markets, industry trends, our leverage and changes in our leverage, interest rate changes, changes in our ownership structure, competition, the loss of any of our major customers or suppliers, changes in demand for our products, changes in distribution channels or competitive conditions in the markets where we operate, costs of integrating acquisitions, loss of our intellectual property rights, fluctuations in price and supply of raw materials, seasonality, our reliance on co-packers to meet our manufacturing needs, availability of qualified personnel, changes in the cost of compliance with laws and regulations, including environmental laws and regulations, and the other risks and uncertainties detailed in our Form 10-K filed with the Securities and Exchange Commission on February 25, 2016 and subsequent reports filed with the Securities and Exchange Commission. There may be other factors that may cause our actual results to differ materially from the forward-looking statements. We assume no obligation to update the information contained in this announcement, except as required by applicable law.