ConAgra Foods Names Tom McGough President, Consumer Foods
OMAHA, Neb.--(BUSINESS WIRE)-- ConAgra Foods, Inc., (NYS: CAG) one of North America's leading packaged food companies, has named Tom McGough president of its Consumer Foods group. McGough's appointment was made following the resignation of André Hawaux, who has been president of Consumer Foods since 2009. Hawaux announced he will be leaving ConAgra Foods to join another public company in a different industry as chief financial officer.
"We are very pleased to have Tom in position to take over as leader of our Consumer Foods business," said Gary Rodkin, CEO, ConAgra Foods. "We have a strong bench, including Tom, who is a 20-year veteran of the branded food business. He has shown strong leadership and results throughout his career, including his six years with us."
Rodkin continued, "Under André's leadership, we have built a solid foundation in Consumer Foods, establishing a talent base, deeper pricing rigor, strategic acquisitions, and ongoing cost savings that have provided fuel for brand building. This segment is in a strong position to deliver on the near-term sequential volume improvement goals we have previously communicated, as well as good segment operating profit performance. Tom will continue to enhance and accelerate our strategies, and we are very enthusiastic and confident in his leadership."
McGough, 48, began his packaged foods career at H.J. Heinz in 1990. He joined ConAgra Foods in 2007 and was named president, Grocery Products, ConAgra Foods in 2012. Grocery Products is Consumer Foods' largest area of business, including many leading shelf-stable and refrigerated brands. McGough also has significant experience with the frozen category, from his work at H.J. Heinz as well as ConAgra Foods. He holds an M.B.A. from the Duke University's Fuqua School of Business and a bachelor's degree from the Georgia Institute of Technology.
Rodkin remarked, "Today's leadership announcement does not impact previously communicated fiscal 2013 EPS and organic volume goals or our ongoing integration of the Ralcorp business. We are on track with diluted EPS of approximately $2.15 for fiscal 2013, adjusted for items impacting comparability." The company will announce FY13 results, FY14 guidance, and a view of long-term goals in June.
ConAgra Foods, Inc., (NYS: CAG) is one of North America's largest packaged food companies. Its balanced portfolio includes consumer brands found in 97 percent of America's households, the largest private brand packaged food business in North America, and a strong commercial and foodservice business. Consumers can find recognized brands such as Banquet®, Chef Boyardee®, Egg Beaters®, Healthy Choice®, Hebrew National®, Hunt's®, Marie Callender's®, Orville Redenbacher's®, PAM®, Peter Pan®, Reddi-wip®, Slim Jim®, Snack Pack® and many other ConAgra Foods brands, along with food sold by ConAgra Foods under private brand labels, in grocery, convenience, mass merchandise, club stores and drugstores. ConAgra Foods also has a strong commercial foods presence, supplying frozen potato and sweet potato products as well as other vegetable, spice, bakery and grain products to a variety of well-known restaurants, foodservice operators and commercial customers. ConAgra Foods operates ReadySetEat.com, an interactive recipe website that provides consumers with Easy Dinner Recipes and more. For more information, please visit us at www.conagrafoods.com.
This release includes the non-GAAP financial measure of diluted EPS, adjusted for items impacting comparability. Management considers GAAP financial measures as well as such non-GAAP financial information in its evaluation of the company's financial statements and believes this non-GAAP measure provides useful supplemental information to assess the company's operating performance and financial position. The inability to predict the timing and amount of future items impacting comparability makes a detailed reconciliation of EPS projections for Regulation G purposes impracticable.
Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These risks and uncertainties include, among other things: ConAgra Foods' ability to realize the synergies and benefits contemplated by the acquisition of Ralcorp and our ability to promptly and effectively integrate the business of Ralcorp; ConAgra Foods' ability to consummate, and the timing to consummate, a potential joint venture combining the flour milling businesses of ConAgra Foods, Cargill and CHS; ConAgra Foods' ability to realize the synergies and benefits contemplated by the potential joint venture among ConAgra Foods, Cargill and CHS; the ability and timing to obtain required regulatory approvals and satisfy other closing conditions related to the potential joint venture; expectations about future business plans, prospective performance and opportunities, regulatory approvals and the expected timing of the completion of the joint venture; availability and prices of raw materials, including any negative effects caused by inflation or adverse weather conditions; the effectiveness of ConAgra Foods' product pricing, including any pricing actions and promotional changes; future economic circumstances; industry conditions; ConAgra Foods' ability to execute its operating and restructuring plans; the success of ConAgra Foods' innovation, marketing, including increased marketing investments, and cost-saving initiatives; the competitive environment and related market conditions; operating efficiencies; the ultimate impact of any ConAgra Foods' product recalls; access to capital; ConAgra Foods' success in efficiently and effectively integrating our acquisitions; actions of governments and regulatory factors affecting ConAgra Foods' businesses, including the Patient Protection and Affordable Care Act; the amount and timing of repurchases of ConAgra Foods' common stock, if any; and other risks described in ConAgra Foods' reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors and security holders are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. ConAgra Foods disclaims any obligation to update or revise statements contained in this press release to reflect future events or circumstances or otherwise.
ConAgra Foods, Inc.
Teresa Paulsen, 402-240-5210
Vice President, Communication & External Relations
Chris Klinefelter, 402-240-4154
Vice President, Investor Relations
KEYWORDS: United States North America Nebraska
The article ConAgra Foods Names Tom McGough President, Consumer Foods originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.