Hain Celestial Announces CEO Succession Plans -- Update
June 25 2018 - 3:21PM
Dow Jones News
By Nishant Mohan and Chris Wack
The Hain Celestial Group announced a chief executive officer
succession plan Monday, which would allow current CEO Irwin D.
Simon to become nonexecutive chairman of the board once his
replacement is found.
Mr. Simon, who founded the company in 1993, joins a growing list
of food and beverage industry CEOs to step down. As the industry
face changing consumer habits, at least 17 other CEOs have
announced their departures since May 2016, including the leaders of
Campbell Soup Co., General Mills Inc., Kellogg Co., Nestlé USA,
Hershey Co., J.M. Smucker Co. and Hostess.
Mr. Simon's planned departure comes as the maker of natural and
organic foods and personal care products has been reviewing its
business. Hain Celestial reached an agreement with activist
investorEngaged Capital LLC in September, leading to changes in the
company's board after pushing for the addition of directors with
more food-industry experience. Earlier this year, the company
announced it was searching for a buyer for its Hain Pure Protein
Corp. business. It has said it expects to sell the meat business in
the first half of fiscal 2019.
Hain's other brands include Celestial Seasonings teas, Terra
vegetable chips and BluePrint juice.
On Monday, the company also reiterated its guidance for fiscal
2018, which ends June 30, including earnings of $1.11 to $1.18 a
share on an adjusted basis, as well as sales of $2.4 billion to
$2.5 billion.
Hain's stock was up 0.61% on Monday afternoon, with shares
trading at $30.06 a share. The stock has is down 29%
year-to-date.
(END) Dow Jones Newswires
June 25, 2018 15:06 ET (19:06 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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