Pinnacle Foods Inc. PF has been constantly shuffling its board since its IPO in Mar 2013. Another step in this regard was the election of a new executive vice president and chief supply chain officer.
On Oct 8, this food company announced the appointment of D. Michael Wittman as its new executive vice president and chief supply chain officer. Wittman will replace Tony Fernandez, who is set to retire in mid-2016 and will report to chief executive officer, Bob Gamgort. He will take up his new role from Nov 2, 2015.
We consider Wittman to be fit for this role as he has in-depth knowledge and experience in supply chain and understanding of the consumer goods industry, which will benefit the food company. Currently, he is the vice president of supply chain for Mars Chocolate North America and has held the position since 2008. Prior to Mars, he worked for the Johnson & Johnson Family of Companies for over 25 years.
Last month, the company elected Ioannis (Yannis) Skoufalos as an independent director and a member of the board's Compensation Committee and Nominating and Corporate Governance Committee.
Pinnacle Foods regularly enhances shareholders’ value through dividends. Recently, the board of directors of Pinnacle Foods approved a quarterly dividend hike of 8.5% to 25.5 cents per share. This was the third dividend increase by Pinnacle Foods since it initiated its quarterly dividend program shortly after the IPO. The last dividend hike of 11.9% to 23.5 cents was announced in Aug 2014.
The new dividend was paid on Oct 9, 2015, to shareholders of record as of Sep 28.
Parsippany, NJ-based Pinnacle Foods manufactures a wide variety of pre-packaged foods under multiple brand names. Its products include Duncan Hines cake mix, Mrs. Butterworth's syrup and Vlasic pickles.
Pinnacle Foods has a Zacks Rank #3 (Hold). Some better-ranked food companies include Cal-Maine Foods, Inc. CALM, The Kraft Heinz Company KHC and Flower Foods, Inc. FLO. While Cal-Maine Foods and Kraft Heinz sport a Zacks Rank #1 (Strong Buy), Flower Foods holds a Zacks Rank #2 (Buy).
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