ConAgra Foods, Inc. announced more details about its plan to separate into two separate companies. On Wednesday, the company announced Thomas Werner will take over as CEO of its Lamb Weston potato business spinoff. Timothy McLevish will be named executive chairman of the Lamb Weston board of directors upon completion of the split expected to be finalized by the fall.
“I’m excited to be named executive chairman of Lamb Weston,” says McLevish, current ConAgra director. “I’ve had the opportunity to get to know this business very well, and I believe it has terrific prospects as a stand-alone company. We are extremely well-positioned for long-term growth and shareholder value creation.”
Werner, who currently serves as president of commercial foods at ConAgra, says he looks forward to leading the Lamb Weston team as the new company turns its focus on opportunities to expand, share domestically and accelerate international growth, particularly within fast-growing emerging markets
Lamb Weston’s portfolio will consist of frozen potato, sweet potato, appetizer and other vegetable products, as well as a continued presence in retail frozen products under licensed brands and private brands. Conagra Brands will be comprised primarily of the operations currently reported as ConAgra Foods’ Consumer Foods segment, as well as the Foodservice business which is currently reported in the commercial foods segment consisting of brands such as Marie Callender’s, Hunt’s, RO*TEL, Reddi-wip, Slim Jim, PAM, Chef Boyardee, Orville Redenbacher’s, P.F. Chang’s and Healthy Choice.