Lamb Weston, the US-based potato-products supplier, has hired AB InBev veteran Jan Craps for its newly created role of executive chair.
Craps, who worked for AB InBev, the world's largest brewer, for more than 20 years, will join Lamb Weston tomorrow (6 February).
In a statement yesterday, Lamb Weston said Craps would “help unlock the company’s potential and performance, with a particular focus on board leadership, M&A, governance, oversight, international market execution and the company’s long-term strategy”.
The group has also appointed former PepsiCo executive Jim Gray as its new CFO.
Lamb Weston has faced pressure on profits in recent quarters, in part as softer restaurant traffic hurt sales.
The company, however, has attracted criticism for its performance from activist investor Jana Partners, which claimed the group had made “self-inflicted mis-steps”.
In October 2024, Jana Partners bought a stake in Lamb Weston and called for change at the business, including considering the possibility of a sale.
Two months later, Lamb Weston COO Mike Smith was appointed president and CEO, a move that displeased Jana Investors.
In June last year, the company made a series of changes to its board of directors that were welcomed by the investor.
A month later, Lamb Weston outlined plans to secure “at least” $250m in savings to boost profits and cash flow as part of a strategy the company dubbed "Focus to Win".
Announcing the appointments of Craps and Gray, Smith said: “The experience and vision Jan and Jim bring to Lamb Weston will be critically important as we execute our Focus to Win strategy. I look forward to working closely with them as we prioritise markets and channels, strengthen customer partnerships, achieve executional excellence, and set the pace for innovation.”
For the financial year ended 25 May, the company reported net income of $357.2m, down 51% from the prior year. Adjusted net income fell 35% to $478.6m. Net sales remained flat at $6.45bn.
In the first six months of Lamb Weston's new financial year, a period that ran to 24 November, net sales edged up 1% to $3.27bn. Reported profits rose 38% to $126.4m but adjusted profits declined 8% to $199.7m.
For fiscal 2026, Lamb Weston has forecast net sales of $6.35bn to $6.55bn and adjusted EBITDA of $1.00bn to $1.20bn. In yesterday’s announcement, the company reiterated this guidance.
Craps said: “I have a strong admiration for Lamb Weston as one of the premier foodservice companies in the world. I look forward to partnering with Mike to capitalise on the strong opportunity in front of us to drive shareholder returns in this attractive, growing category.”
Lamb Weston chairman Bradley Alford will become lead independent director on the company's board.
Gray, who takes up the CFO role on 2 April, succeeds Bernadette Madarieta, who will remain with the company in an interim advisory role.
