"Mark [Smucker] has consistently demonstrated that he is a visionary leader, an innovator, and a steward of the Company's unique culture," said Gary A. Oatey, chairman of J.M. Smucker's Nominating and Corporate Governance Committee. "The Board believes he is the right executive to lead Smucker in the years ahead."
CLEVELAND, Ohio -- The J.M. Smucker Co.'s board of directors has just announced that Mark T. Smucker will become the nearly 120-year-old food company's fifth-generation president and chief executive starting May 1, 2016.
Mark Smucker, 46, who is currently president of the company's Consumer and Natural Foods division, which includes his family's namesake Smucker's Preserves, Jif Peanut Butter, and Crisco Oils, will succeed his uncle, Richard K. Smucker, who has been CEO since 2011 and Co-CEO since 2001.
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Richard K. Smucker, CEO of J.M. Smucker Co., will be succeeded by his nephew, Mark T. Smucker, on May 1. Richard Smucker, 67, will become J.M. Smucker's executive chairman of the board, succeeding his elder brother and Mark's father, Timothy P. Smucker, 71, who will become chairman emeritus and remain on the company's board as a non-employee director.
Mark Smucker will take the reins of the family business after what is widely expected to be its most successful year ever, with a estimated $7.8 billion in sales for fiscal 2016, largely because of its Big Heart Pet Brands business acquired in March 2015.
That acquisition vaulted Smucker into America's eighth largest shelf-stable food and beverage company, with eight of the No. 1 brands in the United States and seven No. 1 brands in Canada.
Smucker is now the No. 1 maker of dog snacks and No. 2 maker of cat food, owning such well-known brands as Meow Mix, Milk-Bone, Kibbles 'n Bits, 9Lives, Natural Balance Pet Foods, Pup-Peroni, Gravy Train, Nature's Recipe, Canine Carry Outs, Snausages, Meaty Bone, Pounce, Jerky Treats, Alley Cat, and Milo's Kitchen.
Gary A. Oatey, chairman of the Board of Director's Nominating and Corporate Governance Committee, said in a written statement that "Mark has consistently demonstrated that he is a visionary leader, an innovator, and a steward of the Company's unique culture.
"Mark has held senior positions in nearly all major businesses within the organization and has played an important role with acquisitions and business integrations over the past 18 years," Oatey said. "The Board believes he is the right executive to lead Smucker in the years ahead."
"Additionally, we will continue to benefit from Richard's strategic oversight and institutional knowledge as he assumes the role of Executive Chairman. The changes announced today reinforce our commitment to maintaining Smucker's heritage and culture, which creates an environment where employees deliver exceptional results, benefiting all of our constituents."
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Timothy P. Smucker, executive chairman of J.M. Smucker's board, will become chairman emeritus on May 1, when his son, Mark T. Smucker, assumes the roles of president and CEO. Richard Smucker said in the same statement that "Today's announcement exemplifies the Company's long-term succession planning and underscores the tradition of management continuity that has shaped Smucker into the company it is today. On behalf of the Board of Directors and the entire Company, we are proud of Mark's numerous contributions and his accomplishments as a leader within our organization and our industry.
"We are confident that under his leadership, and with the support of our dedicated employees, the Company will continue to innovate, evolve, and grow in the years to come," Richard Smucker said. "Leading this organization has been an immense pleasure. I am grateful for the opportunity to have worked alongside the best team in the industry and look forward to many more accomplishments in the future."
Mark Smucker's previous roles at the company include: president, U.S. retail coffee, since May 2011; president, special markets, since August 2008; vice president, international, since July 2007; vice president, international, and managing director, Canada, since 2008; and vice president and managing director, Canada, since 2004.
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Mark R. Belgya will become vice chair and chief financial officer on May 1. Mark Smucker said in a written statement: "Our Company was built by thousands of families, just like ours, who have cared about its success for over 119 years. I am humbled to serve as a steward of this great company, leading and working with our talented team to build on our prominent market position, and drive continued growth and shareholder value at Smucker.
"I am honored to succeed Richard as the next Chief Executive Officer of the Company. He has not only been a valuable mentor to me throughout my career, he has also led our Company through a period of significant expansion and strategic transformation."
"As a result, today, Smucker and our family of iconic brands are stronger than ever," Mark Smucker said. "I look forward to working closely with Richard, the Board of Directors, our outstanding leadership team, and our talented employees across the Company, collectively serving all of our constituents - consumers, customers, employees, suppliers, communities, and shareholders."
Timothy Smucker said: "At Smucker, we have a remarkable team that is committed to developing leaders from within. Our unique culture is critical to our long-term performance and preserving its strength remains a priority for our Company. Mark's appointment to President and Chief Executive Officer and Richard's transition to Executive Chairman further demonstrate our adherence to our core values."
"Particularly, I want to thank Richard for his years of relentless execution and visionary leadership that have ultimately resulted in our transformational growth, strong market position, and portfolio of iconic brands. I look forward to my ongoing involvement as Chairman Emeritus and wish Mark continued success in his new role as President and Chief Executive Officer. I have every confidence that the business will thrive under his direction."
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Steven Oakland will become vice chair and president, U.S. Food and Beverage, on May 1. Smucker's board on Monday announced two other promotions, effective Mary 1:
-- Mark R. Belgya, 55, to Vice Chair and Chief Financial Officer, from his current role as senior vice president and chief financial officer. He will oversee strategy, mergers and acquisitions, government and industry affairs, and information services. He has been an employee since 1985.
-- Steven Oakland, 54, to Vice Chair and President, U.S. Food and Beverage, from his current role as president, Coffee and Foodservice. Oakland will be responsible for the company's U.S. retail coffee, U.S. retail consumer foods, foodservice, natural foods, U.S. retail sales, and marketing services. He has been an employee since 1982.
Richard Smucker said both men have made innumerable contributions to the company's long-term success. "We are confident that their additional support and insights will be instrumental in achieving balanced growth for the Company. We believe this leadership team has a deep breadth of experience and is the strongest in the industry," he said.