Al Multari, president and CEO of Nissin Foods USA, the inventor of instant ramen, is retiring from that role. Michael Price will succeed him effective Oct. 1, 2018. Multari and Price will work together to ensure a smooth transition, focusing on the future leadership and vision for Nissin, the company says.
As the current VP of sales, Price has “demonstrated meaningful progress” toward the company’s commitment to taste, convenience and quality across its portfolio line, Nissin says. “The appointment is a continued vote of confidence for the use of local leaders by Japan. The transition plan will ensure a smooth, seamless succession that allows Price to continue to build on the brand’s success and overall momentum,” the company said in a press release.
As a sales and management professional with more than 20 years of experience creating financial value for large CPG companies, Price has a record of operating at scale and delivering value to shareholders. Since starting at Nissin Foods in August 2015, he has been responsible for North American sales of Nissin’s portfolio of brands, including Cup Noodles, Chow Mein, Hot & Spicy and Top Ramen. Over the course of three years, he has grown sales by more than 8 percent.
“Mike brings immense talent and business acumen to the company and I am excited to see what future growth opportunities he will unlock for the company,” said Multari. “Having worked with him for more than three years, I know he will take the right steps to move the business forward by continuing our broader strategic vision.”
Since stepping in as president and CEO in April 2015, Multari established himself as a gifted leader with a track record of success, says Nissin, noting that, “As an advocate of change, he has propelled Nissin Foods USA to be a category leader in innovation by listening to its consumers.” He oversaw significant transformations, notably the Cup Noodles and Top Ramen reformulations in 2016 and 2017, respectively, that reduced sodium content, and removed both added MSG and artificial flavors. Furthermore, he oversaw the launch of Cup Noodles Very Veggie, the first instant noodle cup to feature one full serving of vegetables.
“It has been a tremendous honor having Al serve as our president and CEO of Nissin Foods USA during a time of major historical changes for the brand, and I am incredibly proud of everything we have accomplished together in just three years,” said Price. “I am excited about my upcoming role with the organization and look forward to continuing to do great work with the U.S. team.”
Nissin Food Products Co. Ltd. was established by Momofuku Ando in 1958. In 1970, the company established Nissin Foods USA Co. Inc. in Gardena, California, and introduced Top Ramen noodles in the U.S. This August, Nissin Foods will celebrate its 60 anniversary.
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