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Gary Rodkin, ConAgra Foods CEO, Announces Intent To Retire

Stocks in this article: CAG

ConAgra Foods, Inc. (NYSE:CAG), announced today that Gary M. Rodkin, chief executive officer, has informed the ConAgra Foods Board of Directors of his intention to retire at the end of the company’s fiscal year, May 2015.

The Board of Directors has established a search committee, led by independent director Richard Lenny, to identify Rodkin’s successor. Lenny is the former chairman and chief executive officer of The Hershey Co. and has served on the ConAgra Foods board since 2009.

Steven Goldstone, chairman of ConAgra Foods, said, “ConAgra Foods is making good progress on its priorities, and we are confident in the company’s ability to deliver on its fiscal year EPS commitments. The Board is extremely appreciative of Gary’s leadership, vision and accomplishments over his almost nine years as CEO of ConAgra Foods. Under his stewardship, ConAgra Foods has transformed from a holding company into one unified company, with a well-balanced portfolio of Consumer, Commercial and Private Brand businesses, and strong operating capabilities. To achieve this transformation, Gary made necessary and bold moves with the company’s portfolio and drove significant cultural change throughout the business. We thank him for his hard work and commitment to ConAgra Foods and its 34,000 employees. We also appreciate the early notification Gary provided, so that we can begin the search and put the right successor in place over the course of this fiscal year. We look forward to Gary’s participation in the succession process.”

Rodkin said, “It is a great privilege to lead ConAgra Foods, and while I look forward to retirement, I will miss working alongside so many smart and talented people who I’ve watched grow tremendously in my nine years here. I’m pleased we are beginning my last fiscal year at ConAgra Foods by making good progress, and I have deep conviction that we are on the right path to deliver sustainable, profitable growth due to our significantly improved operational capabilities and our differentiated portfolio that is right for today’s value-oriented consumers. I will continue to lead our team with focus and enthusiasm until my successor is on board, and I look forward to helping with the transition process.”

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