US – McCormick & Co. Inc., a global leader in flavour, seasonings and spices, has appointed former President and Chief Operating Officer, Brendan Foley, as the company’s new Chief Executive Officer, (CEO), effective 1 September 2023.
Foley will succeed current CEO Lawrence E. Kurzius, who will continue to serve as the company’s executive chairman, according to the company’s board Lead Director, Michael D. Mangan.
“Lawrence is widely credited with driving a period of tremendous growth, performance and expansion including top-tier organic sales growth embedding purpose-led performance into McCormick’s culture by championing the company’s industry-leading sustainability efforts, “ he noted.
“During Lawrence’s tenure as CEO, sales grew over 50%, and market capitalisation more than doubled,” he added.
Commenting on the announcement, Lawrence expressed his thrill to see his successor Brendan Foley leading the business forward.
“With his passion for McCormick and elevation of our commercial growth plans and execution, Brendan has a proven track record of delivering results as a leader,” Kurzius said.
“Moreover, he understands the importance of continuing our growth while ensuring we do the right things for people, communities, and the planet.”
He added that the transition to Foley is part of a multi-year succession plan and that the two have worked together on numerous initiatives.
Foley first joined the company in 2014 and has held various leadership roles, including president of US consumer products; president of the company’s North American division; president of the global consumer, Americas and Asia, and most recently, as president and chief operating officer.
Meanwhile, McCormick reported a shares dip despite the company’s earnings beating expectations and raising its full-year outlook.
Last year, the company also reported that its business was being negatively impacted by supply chain issues that were taking longer to resolve and inflation that was changing consumer purchasing patterns.
“Supply chain challenges, heightened costs, and tepid consumption is taking a more pronounced toll on McCormick than foreseen two months ago,” Erin Lash, a director of the consumer sector equity research at Morningstar, said.
Earlier, McCormick’s seasoning brand Old Bay partnered with leading snack brand Goldfish Crackers to release Seasoned Goldfish, a limited-time flavour that brings the bold seafood seasoning staple to everyone’s favourite fish-shaped cracker.
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