Post Holdings has appointed Chris Neugent, the executive heading the US-based food manufacturer’s breakfast-cereal brands, to the role of vice president, strategy.
Neugent became president and CEO of Post Consumer Brands in 2015 after the company’s acquisition of fellow US breakfast-cereal supplier MOM Brands, where he spent seven years as chairman and chief executive.
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The Grape-Nuts owner said Neugent led the integration of the two businesses, “exceeding” synergy expectations, expanding margins and achieving a “20% market share in the ready-to-eat cereal category”.
Post Holdings president and CEO Rob Vitale said: “Chris and his team have done an extraordinary job in a challenging environment and I expect that Howard will build further upon our success. I am also delighted that Chris will join me in working with our businesses to build value by developing organic growth strategies and M&A opportunities.”
Howard Friedman, a former Kraft Foods and more recently Kraft Heinz executive, will succeed Neugent in leading Post Consumer Brands.
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“Attracting a talent like Howard is a credit to the entire Post organisation,” Vitale said.
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By GlobalDataLast week, The New York Post reported Post Holdings is reportedly close to selling its private-label business.
The owner of brands including Weetabix cereal and PowerBar protein bars announced in January it was weighing up what to do with its private-label division, which manufactures nut butter, pasta, granola and dried fruits and nuts for retailers, distributors and manufacturers.
Post said at the time the options for the unit included an IPO, a placement of private equity, a sale of the assets or a combination with another business.
The New York Post reported on Thursday (7 June) Post Holdings was near an agreement to sell the business. Citing an unnamed source, the newspaper said the company could receive more than US$1bn for the asset.
Approached by just-food for a reaction, a spokesperson for Post said: “We don’t comment on marketplace rumours.”
