ConAgra Links Brands As It Competes For Space

Retailers are increasingly looking to use their precious shelf space for only the best products as consumers cut spending. Investors, meanwhile, need to hear that the company's entire portfolio is made of strong brands, he said, and no longer so tied to commodities, which can be volatile.

"We're really trying to change that mentality, because that's really not who we are," Rodkin said. "We're a branded food company. We're more like a General Mills, a Kraft, a Campbell Soup. An identity change, I think, is important for people to understand."

Retailers also want to know that food makers will promote their brands, which drives traffic to stores, since they do not heavily market or advertise their store brands, said Christopher Shanahan, a research analyst with Frost & Sullivan.

"Retailers want strong national brands. They produce a lot of private label products but they want products in their stores that have a lot of marketing dollars behind it," he said.

Rodkin began shifting ConAgra's focus to food when he took over in 2005, moving it away from being a holding company for its brands to more of a food marketer like Kraft Foods Inc. or General Mills Inc.