CHICAGO — Thomas P. Werner, currently president of Commercial Foods at ConAgra Foods, will become chief executive officer of Lamb Weston and will serve as a director on the Lamb Weston board following the spin-off of Lamb Weston. The appointment was disclosed as part of ConAgra’s July 13 filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (S.E.C.) in connection with its planned separation into two independent public companies: Lamb Weston Holdings, Inc. and Conagra Brands, Inc.
The filing provides detailed information on Lamb Weston’s strategy, business and historical financial results, and will be updated with additional information in subsequent amendments as part of the S.E.C. review process.
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| Sean Connolly, president and c.e.o. of ConAgra |
“We believe that this separation will create two focused companies that are well-positioned to unlock unique growth opportunities to win in the marketplace and create value for stockholders,” said Sean Connolly, president and c.e.o. of ConAgra Foods. “We have made tremendous progress since last November when we announced our plan to separate, and the filing of the Form 10 marks an important milestone in this process. We remain on track to complete the separation by the fall of calendar 2016.”
Mr. Werner is president of ConAgra’s Commercial Foods unit, leading the company’s Lamb Weston and Foodservice businesses. He also oversees the Spicetec Flavors and Seasonings and JM Swank operations, which are in the process of being divested. Earlier, he was interim president of ConAgra’s Private Brands from June 2015 through its divestiture in February 2016. Prior to his current position, Mr. Werner held a series of finance and managerial positions throughout ConAgra Foods. He is part of the governing committee representing Lamb Weston in the Lamb Weston Meijer joint venture and currently serves on the board of directors of Ardent Mills, L.L.C.
In addition to Mr. Werner’s appointment as c.e.o. of Lamb Weston, ConAgra said Timothy R. McLevish will become the executive chairman of the board of directors of Lamb Weston, effective upon the completion of the spin-off.
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| Timothy McLevish, future executive chairman of the board of directors of Lamb Weston |
Mr. McLevish is the former chief financial officer and executive vice-president at Walgreens Boots Alliance, Inc. and currently is a consultant to the company. From 2007 to 2014, he held various positions within Kraft Foods Group and Kraft Foods Inc., including executive vice-president and c.f.o. Before joining Kraft Foods, he was senior vice-president and c.f.o. of Ingersoll-Rand Company Ltd., and prior to that he held a series of leadership roles within Mead Corp. He is a certified public accountant. In addition to ConAgra Foods, Mr. McLevish also serves on the board of directors of Kennametal, Inc. and US Foods Holding Corp.
“I’m excited to be named executive chairman of Lamb Weston,” Mr. McLevish said. “I’ve had the opportunity to get to know this business very well, and I believe it has terrific prospects as a stand-alone company. We are extremely well-positioned for long-term growth and shareholder value creation.”
Following the spin-off, Lamb Weston’s portfolio will consist of frozen potato, sweet potato, appetizer and other vegetable products. The business also will have a presence in retail frozen products under licensed brands and private brands.
Meanwhile, Conagra Brands will be comprised primarily of the operations currently reported as ConAgra Foods’ Consumer Foods segment, as well as the Foodservice business (minus the recently divested Spicetec Flavors and Seasonings and JM Swank businesses), which is currently reported in the Commercial Foods segment. The Consumer Foods segment consists of such brands as Marie Callender’s, Hunt’s, Reddi-wip, Slim Jim, PAM, Chef Boyardee, Orville Redenbacher’s, P.F. Chang’s and Healthy Choice.
