Smucker transitions leadership with new CEO
NEW YORK (AP) — The J.M. Smucker Co. named Mark T. Smucker to replace his uncle, Richard K. Smucker, as CEO as part of a transition plan that the more than century-old food products company says will help long-term growth.
Mark Smucker, currently president of the consumer and natural foods unit, will become CEO effective May 1. He is Richard Smucker's nephew and Timothy P. Smucker's son.
Richard Smucker, who's been CEO since 2011 and co-CEO since 2001, will become executive chairman of the board. He succeeds current chairman Timothy P. Smucker, who will remain on the board as a director.
"''Today's announcement exemplifies the company's long-term succession planning and underscores the tradition of management continuity that has shaped Smucker into the company it is today," Richard Smucker said in a statement after the market closed Monday.
Meanwhile, the board promoted Chief Financial Officer Mark R. Belgya to the additional role of vice chair and Steven Oakland, president of the coffee and foodservice unit to the additional role of vice chair.
The J.M. Smucker Co., based in Orrville, Ohio, makes or markets food and beverage brands including its flagship Smucker's as well as Folgers, Jif, Dunkin' Donuts, Crisco, Hungry Jac and Café Bustelo. Its brands also include pet foods like Meow Mix, Milk-Bone and 9Lives.
Its shares slipped 89 cents to $125.91 in morning trading Tuesday. Its shares are up more than 11 percent over the past year.