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B&G Foods Announces Executive Succession Plan

Stocks in this article: BGS

B&G Foods, Inc. (NYSE:BGS) announced today that David L. Wenner plans to retire as President and Chief Executive Officer in December 2014, following the completion of a process to choose his successor. Mr. Wenner’s retirement will bring to a close a remarkable career of more than 25 years of continuous service to B&G Foods, including more than 21 years of leadership as President and Chief Executive Officer. Following his retirement, it is expected that Mr. Wenner will remain on the Board of Directors.

“Under Dave Wenner’s leadership, B&G Foods has evolved from a small, regional pickle company to a leading public food company with a diverse portfolio of iconic brands, net sales quickly approaching $900 million and an enterprise value in excess of $2.5 billion,” stated Stephen C. Sherrill, Chairman of the Board of Directors. “Dave’s leadership has also resulted in tremendous value creation for B&G Foods’ stockholders in the form of dividends and stock price appreciation. Dave and his management team, including his long-time Chief Financial Officer, Bob Cantwell, have built a business with hard work, passion and most importantly, honesty and integrity. On behalf of the entire Board of Directors, I express our sincere gratitude to Dave for his invaluable and devoted service to B&G Foods, and for his innumerable contributions to B&G Foods during his distinguished tenure as President and Chief Executive Officer.”

“It has been a unique honor and privilege to lead B&G Foods for all these years,” Mr. Wenner said. “I have been fortunate to work with an incredible group of fellow employees and I am proud of what we have accomplished together. I leave with tremendous confidence in their abilities and in B&G Foods’ future. As appealing as it is to continue to be part of this remarkable company, I turn 65 in October. I feel that this milestone in my life signals the right time to make a change for myself and my family. After over twenty years of my leadership, it also seems an appropriate time to transition B&G Foods to new leadership.”

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