JM Smucker is eliminating its COO role as part of a series of leadership changes at the US food-and-beverage group.
The Folgers coffee owner said yesterday (10 February) COO John Brase, who has held this role since 2020, has “transitioned from the company”.
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Meanwhile, chair and CEO Mark Smucker has reassumed the role of president.
The changes will also see CFO Tucker Marshall expand his remit to executive vice president of JM Smucker’s frozen handheld, spreads and sweet baked snacks businesses.
Sweet baked snacks has been a business segment that has been under pressure.
In June, JM Smucker said it would “narrow our priorities” for its sweet-snacks division after booking another set of impairments against the business. The company recorded impairment charges of $980m made up of $867.3m linked to goodwill in the unit and a $112.7m impairment tied to the Hostess brand. JM Smucker recorded over $1bn in impairment charges for the same units in March.
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By GlobalDataSpeaking to analysts in August, Mark Smucker outlined plans to improve the performance of the sweet‑snacks unit, including cutting SKUs by a quarter, closing a factory and establishing a dedicated sales force.
“Tucker’s experience as CFO and his enterprise-wide knowledge positions us to continue the strong momentum in Frozen Handheld and Spreads, while also ensuring we stabilise and improve profitability in sweet baked snacks,” Mr Smucker said yesterday.
Elsewhere, Rob Ferguson, previously senior vice president and general manager of coffee and procurement, has been promoted to chief product supply officer and executive vice president. He is responsible for JM Smucker’s coffee, pet and away‑from‑home businesses.
Jill Penrose, formerly chief people and company services officer, has been promoted to chief people and administrative officer and chief of staff, adding corporate strategy and chief of staff duties.
Additionally, Tim Wayne has been appointed general manager of the coffee and away‑from‑home businesses.
Robert Crane, head of sales and sales commercialization, will be promoted to the role of head of sales and international, assuming responsibilities for JM Smucker’s international business.
The company said senior vice presidents Randy Day, who oversees operations, and Byran Hutson, who oversees information services and supply chain, will retire.
JM Smucker will also launch searches for a chief technology officer – a new role to oversee its AI strategy – as well as senior vice presidents for operations and supply chain, and for science and technical community.
Last week, the group elected Katie Williams as chief marketing officer, effective 9 March, succeeding Gail Hollander.
The owner of Hostess snacks and Uncrustables also said it expects to maintain the fiscal 2026 full‑year guidance issued in November and will release a full update during the third quarter earnings call on 26 February.
In November, the company forecast full-year adjusted EPS of $8.75-$9.25, compared to its earlier forecast of $8.50-$9.50.
It projected net sales growth of 3.5-4.5%, versus 3-5% previously and “comparable” net sales growth of 5-6% as price increases offset lower “volume/mix”.
During the six months to the end of October, JM Smucker’s net sales rose 1% to $4.44bn, while operating income fell 11% to $464.1m. The group recorded a 23% rise in its net income to $197.4m.
TD Cowen analyst Robert Moskow suggested the changes could signal JM Smucker is lining up possible candidates for CEO at a future date.
“In their announcement, the company did not explicitly describe the changes as part of a succession plan. However, CEO Mark Smucker has frequently described himself as the ‘last Smucker family CEO’ and he’s done a good job of surrounding himself with talented managers,” Moskow said yesterday. “Today’s announcement provides more clarity internally on the top two candidates for the CEO role if (and when) the board and Mark Smucker decide to make a change.”
