B&G Foods has appointed Robert Mills as its new president and CEO, succeeding Casey Keller, who retired last week.
Mills, who has served on B&G Foods’ board since March 2018, takes up the role at the US food group with immediate effect.
In a statement yesterday (10 August), the Crisco and Ortega brand owner said the leadership change comes as the company looks to position the business for “sustainable long-term growth”.
It plans to do so by “reshaping its portfolio, improving margins and cash flow, reducing debt and leverage”, the statement added.
B&G Foods board chair Stephen Sherrill said: “Rob is uniquely positioned to lead B&G Foods at this important point in B&G Foods’ evolution. Rob’s eight years as a member of our board give him a deep understanding of our business, our brands, our people and challenges and opportunities ahead of us.”
Last week, B&G Foods confirmed it had already selected its new chief executive, although it did not reveal the executive’s name at the time.
The company said Mills brings more than 20 years of “broad operating and leadership experience”, including work in corporate strategy, M&A and business integration.
Mills joins the New Jersey-based firm from the Tractor Supply Company, where he most recently served as executive vice president and chief technology officer for digital and pet services.
The new CEO said: “I look forward to partnering with B&G Foods’ very talented and dedicated workforce and the board to build on B&G Foods’ strengths and accelerate our strategy. My immediate priorities will be execution, operating discipline and accelerating growth.
“I am particularly excited about the opportunity to bring additional capabilities to B&G Foods.”
Keller stepped down as chief executive and as a director last week after five years in the role.
At the time, he said: “I am proud of our accomplishments as we have navigated through difficult trends in the consumer packaged foods industry.
“Importantly, we have begun to reshape our portfolio through our recent divestiture and acquisition activity, and I believe the dedicated and resilient team at B&G Foods will guide the company towards a bright future.”
First-quarter results issued in May showed a drop in net sales for B&G Foods as the business turned to a net loss of $32.5m, compared to an $835m profit a year earlier.
Sales revenue declined 3.9% to $408.9m, while adjusted EBITDA decreased 2.5% to $57.6m.
Diluted EPS also fell into the red at a $0.41 loss versus a relatively flat profit of $0.01 in the corresponding period.
