NEW YORK (TheStreet) -- Shares of ConAgra Foods Inc. (CAG) are up slightly after it was reported that CEO Gary Rodkin is expected to retire in the next several months, sources say, paving the way for a successor who investors hope can turn around the troubled packaged foods company, Reuters reports.
The company, with a market capitalization of $13 billion, is in the early stages of identifying potential candidates to succeed Rodkin, sources added.
Rodkin, who has been CEO since 2005, has been under pressure from shareholders to fix problems resulting from the company's troubled $5 billion acquisition of private brands business Ralcorp in January 2013, Reuters said.
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TheStreet Ratings team rates CONAGRA FOODS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONAGRA FOODS INC (CAG) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strongest point has been its a solid financial position based on a variety of debt and liquidity measures that we have looked at. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."