US snacks group Snyder’s-Lance today (17 April) announced president and CEO Carl Lee Jr had “retired” after 12 years with the Cape Cod and Kettle Chips owner.

Brian Driscoll, a director at Snyder’s-Lance and a former CEO of Diamond Foods, which the company acquired last year, is replacing Lee on an interim basis.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Snyder’s-Lance said it would hold “a national search” for a replacement for Lee but described Driscoll as “a strong candidate” for the role.

The news of Lee’s departure came alongside a profit warning from Snyder’s-Lance, which also cut its forecast for its annual sales.

Snyder’s-Lance also released preliminary and unaudited results for the first quarter of 2017, which suggests its profits have fallen year-on-year.

CFO Alex Pease said: “Under Brian’s leadership, we are moving aggressively to take the actions necessary to improve earnings. Specifically, we are focused on improving cost of goods productivity, net price realisation, and accelerating our zero-based budgeting plans. We are not satisfied with our early 2017 performance, and our organisation is laser-focused on improved execution and continuous improvement to return the business back to more expected levels of profitability.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Driscoll, who was the president and CEO of Diamond, until it was acquired by Snyder’s-Lance, said: “I am honoured and excited to be asked by the board to fulfill this critical role for the company at such an important time in its development. I plan to immediately diagnose the underlying drivers of the company’s margin and revenue performance and put in place strategies to continue to deliver on the expectations of our shareholders.”

Shares in Snyder’s-Lance closed down 15.43% at $33.76.