Chobani Hires Nestlé Executive As Chief Operating Officer -- Update
March 06 2017 - 1:26PM
Dow Jones News
By Annie Gasparro and Joann S. Lublin
Chobani Inc. is shaking up its top ranks, bringing in a Nestlé
SA veteran to be its second highest executive and adding
traditional industry experience to the fast growing Greek-yogurt
brand.
Tim Brown, most recently chief executive of Nestlé Waters North
America after nearly 30 years at the Swiss food titan, will join
Chobani as president and chief operating officer later this month,
according to Chobani's founder and Chief Executive Hamdi
Ulukaya.
"He's the perfect person to partner with me," Mr. Ulukaya said.
Employees at Chobani were notified on Monday morning, according to
a spokesman.
Chobani has grown to more than $1.5 billion in annual sales
since its yogurt first hit stores a decade ago. It almost
single-handedly set off the craze for Greek-style yogurt in the
U.S., attracting consumers with the variety's creamier texture,
higher protein and lower sugar content. In January, Chobani
overtook General Mills Inc.'s Yoplait in total yogurt sales for the
first time, with about 20% market share, according market research
firm Nielsen.
Mr. Brown replaces private-equity executive Kevin Burns, who
stepped down in December. Chobani began looking for a new president
and chief operating office last summer, according to a person close
to the situation.
Moving from the role of Chief Operating Officer to Chief
Executive is typical among food companies -- Hershey Co.'s former
chief of operations stepped up to CEO last week, while General
Mills Inc. is grooming its president and COO to take the helm as
soon as this year.
Mr. Brown lacks a firm time frame for advancing to chief
executive, a post still held by founder Mr. Ulukaya, but he
eventually may get the promotion if justified by his performance,
the person close to the situation said.
However, a spokesman for Chobani said Mr. Ulukaya has no
intentions to leave, and that they haven't discussed succession
plans with Mr. Brown.
Mr. Brown said "that is so far ahead of us," and "I'm excited
for what Hamdi and I will do together."
Write to Annie Gasparro at annie.gasparro@wsj.com and Joann S.
Lublin at joann.lublin@wsj.com
(END) Dow Jones Newswires
March 06, 2017 13:11 ET (18:11 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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