The J.M. Smucker CompanySJM, a leading manufacturer of food products, has recently reorganized its management in order to position the company for continued growth.
Smucker has appointed Barry C. Dunaway as the new president of the Big Heart Pet Food and Snacks division, effective from Mar 1, 2016. The company added the U.S. Retail Pet Foods segment after the acquisition of Big Heart Pet Brandson Mar 23, 2015.
The company believes that Dunaway is most suitable for the role as he has 28 years of experience with the company and was involved with the company's merger and acquisition strategies, including the acquisition of Big Heart Pet Brands and ongoing integration activities. Dunaway currently serves as president of the International division and chief administrative officer of the company.
Dunaway is replacing David J. West, who had joined the company in Mar 2015 and was serving as the president of the division since then. West will help Dunaway to ensure smooth transitioning of responsibilities and will then assume the role of Strategic Advisor to the Executive Committee from Mar 2016. In addition, West will continue to remain a member of the company's board of directors, providing advice in areas such as corporate strategy and growth capabilities.
Another announcement was the promotion of Mark R. Belgya, senior vice president and chief financial officer. Belgya will now have expanded responsibilities of the company's Government and Industry Affairs, Information Services, and Corporate Strategy departments. This signals that the company believes in Belgya who has been associated with Smucker for around 30 years and served a number of leadership roles within the company's finance organization. He is expected to use his potential and experience to further contribute to the company’s success and growth.
Strong organic sales growth, product innovation and constant efforts to expand through acquisitions have remained Smucker’s strong points. The recent acquisitions and the launch of Dunkin Donuts K-cup pods are fueling sales and are expected to pull up the top line in fiscal 2016. Encouragingly, the company will begin to witness growth in coffee volumes in the near term owing to lower coffee price and increase from sales of Dunkin Donuts K-Cup pods. However, currency headwinds remain a concern for Smucker. The company also remains concerned with heightened competitive activity in the pet food business.
Smucker currently has a Zacks Rank #3 (Hold).
Some better-ranked food companies include Omega Protein Corp. OME, Campbell Soup Company CPB and B&G Foods, Inc. BGS. All of them sport a Zacks Rank #1 (Strong Buy).
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