Dean Foods Names New CEO
September 01 2016 - 6:50PM
Dow Jones News
Dean Foods Co. on Thursday named Ralph Scozzafava as the
company's new chief executive, taking over for Gregg Tanner on Jan.
1.
Mr. Scozzafava, who serves as chief operating officer, joined
Dean Foods in 2014. He also will assume a seat on the company
board.
Mr. Tanner has been CEO since 2012. He joined Dean Foods in 2007
and will remain as an adviser to the company through May.
Shares of the company remained flat in after-hours trading at
$17.05.
Dean Foods struggled with a glut of milk in the second quarter,
obliging the dairy giant to cut prices on the private-label
products that make up much of its milk and ice-cream sales.
Even though consumers are paying less, they didn't buy more
milk, contributing to what Dean Foods said last month was an 8.2%
drop in second-quarter revenue to $1.85 billion.
Dallas-based Dean Foods also sold less milk because it diverted
more supply to higher-margin, higher-priced branded lines like
DairyPure milk products.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
September 01, 2016 18:35 ET (22:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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