Pinnacle Foods Inc. (NYSE:PF) has been constantly shuffling its board since its IPO in Mar 2013. The appointment of the Executive Vice President and President of the company’s Boulder segment represents another step in this regard. Michael E. Allen will take up the new role from Sep 19, 2016, and will assume full responsibility for the Boulder segment.
Allen is a food industry veteran with two decades of experience in leading health and wellness brands. He also has focus in the natural, organic and health-forward channels on brands such as Kashi and Morningstar Farms. Prior to Pinnacle, Allen was working with food company, Kellogg Company (NYSE:K) , where he held roles of the President, Morning Foods Division and President of Frozen Foods Division from 2009−2013. Before joining Kellogg, Allen worked in marketing and advertising.
Thus, Allen’s knowledge about the food industry and experience related to growing brands and leading natural and organic businesses will likely boost the Boulder business.
Allen will report to Chief Executive Officer, Mark Clouse and replace Phil Anson, interim Boulder General Manager and founder of EVOL frozen foods.
Parsippany, NJ-based Pinnacle Foods manufactures a wide variety of prepackaged foods under multiple brand names. Its products include Duncan Hines cake mix, Mrs. Butterworth's syrup and Vlasic pickles.
Last month, the company reported mixed second-quarter 2016 results. While earnings beat the Zacks Consensus Estimate, revenues missed the same. Pinnacle Foods has also raised its earnings guidance for 2016, which includes the benefit of the Boulder Brands acquisition.
Overall, the company boasts a strong brand portfolio and intends to continue investing in innovation to further differentiate its brands in the marketplace. It has also been pursuing various acquisitions over the years to enhance distribution network, customer base and boost long-term growth.
Pinnacle Foods also has an operational excellence program to generate annual productivity savings across the supply chain. These productivity savings, along with higher pricing, have been mitigating the impact of input cost inflation to drive gross margins.
Pinnacle Foods carries a Zacks Rank #2 (Buy).
Key Picks from the Sector
Investors interested in the food industry can also consider stocks like Omega Protein Corp. (NYSE:OME) and Ingredion, Inc. (NYSE:INGR) . Both these stocks sport a Zacks Rank #1 (Strong Buy).
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KELLOGG CO (K): Free Stock Analysis Report
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INGREDION INC (INGR): Free Stock Analysis Report
PINNACLE FOODS (PF): Free Stock Analysis Report
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