JM Smucker is reorganising the structure of its executive management team and will move from having two CEOs to one this summer.
The US food maker has Richard Smucker and Timothy Smucker serve as co-chief executives. However, on 16 August, Richard Smucker will assume the role of a solo-CEO while Timothy Smucker will become the company’s chairman.
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The company, which owns brands including Jif peanut butter and Smucker jam, said the new structure was consistent with its long-term succession planning and development of family leadership.
Additionally, JM Smucker said Vincent Byrd will be promoted to president and chief operating officer from 1 May. He will be responsible for US retail, overseeing marketing, sales and supply chain funtions in the country. Byrd currently serves as president of US retail coffee operations, a position that will be filled by Mark T. Smucker, who is currently president of special markets.
Reporting to Byrd, Paul Smucker Wagstaff will become president of Smucker’s newly-consolidated US retail consumer foods unit, the company added.
Meanwhile, Steven Oakland, who is president of Smucker’s, Jif and Hungry Jack business, will become president of international, foodservice and natural foods.
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