The J.M. Smucker Co. appointed Woo-Sung (Bruce) Chung and David Singer to its board of directors effective April 15, the Orrville, Ohio-based food company announced Feb. 26.
The appointments follow constructive engagement with Elliott Investment Management. The company also entered into an information-sharing agreement with Elliott to facilitate collaboration toward driving sustainable value for all shareholders.
With the addition of Chung and Singer, the board will comprise 11 directors, 10 of whom are independent. Both appointees bring financial and operational expertise in consumer businesses.
“Over the past several years, we have fundamentally transformed the company and built a portfolio of leading and iconic brands in attractive categories that resonate with consumers,” said Mark Smucker, CEO, president and chair of the board. “Today, we have a strong foundation in place and a clear focus on driving continued organic growth, while enhancing profitability and earnings.”
Leadership backgrounds and board contributions
Chung serves as EVP and CFO of NRG Energy, where he oversees finance, capital allocation, risk management and corporate development. He previously held senior leadership positions at NRG focused on finance, asset management and project development, and served as CFO of Nuclear Innovation North America. Earlier in his career, he was a director in Citigroup’s investment banking division, advising on capital markets and mergers and acquisitions transactions.
Singer is the former CEO of Snyder’s-Lance, a snacking company. Prior to that, he served as EVP and CFO of Coca-Cola Consolidated, the largest Coca-Cola bottler in the U.S., where he held senior leadership roles of increasing responsibility. He serves on the boards of Performance Food Group Company and Brunswick Corporation. He also served on the boards of Hanesbrands, SPX Flow, Flower Foods and Snyder’s-Lance.
“The addition of Bruce and Dave – two proven executives with track records of creating value – underscores our commitment to continued board refreshment and will further enable the board by bringing additional skills and experiences to accelerate our ongoing business momentum,” Smucker said. “Alongside the rest of our board, I look forward to Bruce’s and Dave’s insights as we continue to position the company for long-term success.”
J.M. Smucker offers brands including Folgers, Dunkin’, Café Bustelo, Jif, Uncrustables, Smucker’s, Hostess, Milk-Bone and Meow Mix. The company leads in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks and cat food categories.
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