B&G Foods Announces Executive Succession Plan
May 09 2014 - 5:00PM
Business Wire
— CEO Dave Wenner Plans to Retire at
Year End —
B&G Foods, Inc. (NYSE:BGS) announced today that David
L. Wenner plans to retire as President and Chief Executive Officer
in December 2014, following the completion of a process to choose
his successor. Mr. Wenner’s retirement will bring to a close a
remarkable career of more than 25 years of continuous service to
B&G Foods, including more than 21 years of leadership as
President and Chief Executive Officer. Following his retirement, it
is expected that Mr. Wenner will remain on the Board of
Directors.
“Under Dave Wenner’s leadership, B&G Foods has evolved from
a small, regional pickle company to a leading public food company
with a diverse portfolio of iconic brands, net sales quickly
approaching $900 million and an enterprise value in excess of
$2.5 billion,” stated Stephen C. Sherrill, Chairman of the Board of
Directors. “Dave’s leadership has also resulted in tremendous value
creation for B&G Foods’ stockholders in the form of dividends
and stock price appreciation. Dave and his management team,
including his long-time Chief Financial Officer, Bob Cantwell, have
built a business with hard work, passion and most importantly,
honesty and integrity. On behalf of the entire Board of Directors,
I express our sincere gratitude to Dave for his invaluable and
devoted service to B&G Foods, and for his innumerable
contributions to B&G Foods during his distinguished tenure as
President and Chief Executive Officer.”
“It has been a unique honor and privilege to lead B&G Foods
for all these years,” Mr. Wenner said. “I have been fortunate to
work with an incredible group of fellow employees and I am proud of
what we have accomplished together. I leave with tremendous
confidence in their abilities and in B&G Foods’ future. As
appealing as it is to continue to be part of this remarkable
company, I turn 65 in October. I feel that this milestone in my
life signals the right time to make a change for myself and my
family. After over twenty years of my leadership, it also seems an
appropriate time to transition B&G Foods to new
leadership.”
The Board of Directors has appointed a special committee to
direct the transition process. The committee is chaired by
Alfred Poe, Chairman of the Compensation Committee, and also
includes Cynthia T. Jamison, Chairman of the Audit Committee, and
Dennis M. Mullen, Chairman of the Nominating and Governance
Committee. The special committee is working with Herbert Mines
Associates, a leading executive recruiting firm, and will consider
both internal and external candidates.
During Mr. Wenner’s tenure as President and Chief Executive
Officer, B&G Foods has had many impressive accomplishments.
B&G Foods has:
- Through disciplined and strategic
acquisitions reinvented itself from a regional pickle company with
three brands and three manufacturing facilities to a public company
with a diverse portfolio of more than 40 brands and seven
manufacturing facilities
- Transformed its capital structure,
operations and cost structure to position the Company for long-term
acquisition and organic growth
- Made dividend payments of $335 million
since going public in October 2004
- Increased the quarterly dividend 60%
from $0.21 to $0.34 per share
- Increased net sales 94% from $373
million in 2004 to $725 million in 2013
- Increased adjusted EBITDA 162% from $70
million in 2004 to $184 million in 2013
- Produced total stockholder return
(assuming reinvestment of dividends) over the prior 1-, 3- and 5-
year periods ending December 28, 2013 of 27.6%, 178.9% and
711.1%
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and
distribute a diversified portfolio of high-quality, branded
shelf-stable foods across the United States, Canada and Puerto
Rico. Based in Parsippany, New Jersey, B&G Foods’
products are marketed under many recognized brands, including
Ac’cent, B&G, B&M, Baker’s Joy, Bear Creek Country
Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice,
Cream of Wheat, Devonsheer, Don Pepino, Emeril’s,
Grandma’s Molasses, JJ Flats, Joan of Arc,
Las Palmas, MacDonald’s, Maple Grove Farms, Molly
McButter, Mrs. Dash, New York Flatbreads,
New York Style, Old London, Original Tings, Ortega,
Pirate’s Booty, Polaner, Red Devil, Regina, Rickland Orchards,
Sa-són, Sclafani, Smart Puffs, Spring Tree, Sugar Twin,
Trappey’s, TrueNorth, Underwood, Vermont Maid and Wright’s.
B&G Foods also sells and distributes two branded household
products, Static Guard and Kleen Guard.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.”
The forward-looking statements contained in this press release
include without limitation statements related to the Company’s net
sales and prospects for long-term acquisition and organic growth.
Such forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of B&G Foods to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties readers are urged
to consider statements labeled with the terms “believes,” “belief,”
“expects,” “projects,” “intends,” “anticipates” or “plans” to be
uncertain and forward-looking. The forward-looking statements
contained herein are also subject generally to other risks and
uncertainties that are described from time to time in
B&G Foods’ filings with the Securities and Exchange
Commission, including under Item 1A, “Risk Factors” in the
Company’s Annual Report on Form 10-K for fiscal 2013 filed on
February 26, 2014. B&G Foods undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
ICR, Inc.Investor Relations: Don Duffy, 866-211-8151Media
Relations: Matt Lindberg 203-682-8214
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