Dive Brief:

• Conagra Brands named former J.M. Smucker executive John Brase as president and CEO, starting June 1. He will replace Sean Connolly, who has led the Slim Jim and Healthy Choice maker since 2015.
• Brase brings more than 35 years of experience in the consumer goods space, with expertise in managing portfolios, building brands and boosting profitability, Conagra said. Most recently, he served as president and chief operating officer of J.M. Smucker.
• The change comes as Conagra and other food companies watch sales slide amid a pullback in consumer spending, a shift to healthier offerings and uncertainty tied to the Make America Healthy Again movement.

Dive Insight:

In appointing Brase, Conagra is bringing in an executive who has spent his career immersed in the CPG world. Before working at Uncrustables maker Smucker, he spent about 30 years at Procter & Gamble.

At Smucker, Brase oversaw the company’s U.S. retail, international and away from home businesses, as well as its sales, operations and supply chain functions. He also sharpened strategic and operational execution, drove growth in key brands and led productivity improvements, according to Conagra.

“John’s track record of driving top- and bottom-line performance, building brands across multiple consumer-packaged goods categories, leveraging advantaged business systems and leading inclusive, results-driven cultures is exceptional, and we are confident Conagra will thrive under his leadership,” Richard H. Lenny, independent chair of Conagra’s board, said in a statement

The CEO change follows discussions with Connolly, Lenny said. The board has reached a “determination that now is the right time for this leadership transition,” he added.

Under Connolly’s watch, the Chicago-based company has positioned itself as a major player in frozen foods and snacks. During the first half of Connolly’s tenure, Conagra purchased brands such as Angie’s Boomchickapop and Sandwich Bros. flatbread pocket sandwiches. 

His biggest deal, however, was the $10.9 billion acquisition in 2018 of Pinnacle Foods, allowing Conagra to add brands like Birds Eye, Duncan Hines and Vlasic to its portfolio. More recently, Conagra has eschewed bigger deals, and instead focused on paying down debt and divesting noncore brands such as Chef Boyardee, which it sold for $600 million. Despite Connolly’s efforts, Conagra’s stock has fallen more than 50% during his time as CEO. 

Brase will assume the helm at Conagra at a challenging time for the company and the broader food industry. Conagra recently lowered prices for some of its snacks and frozen meals in an effort to increase volumes and lure back consumers, joining PepsiCo, General Mills and Smucker, which have taken similar steps.

Earlier this month, Conagra reported organic net sales increases in grocery and snacks as well as in its refrigerated and frozen segment during its third quarter.