— In Accordance with Previously Established Succession Plan, COO
— Cantwell to Continue with
In accordance with a succession plan established in 2017, B&G Foods’
Board of Directors has appointed
“Bob Cantwell has been a key member of our management team for more than
35 years. During Mr. Cantwell’s tenure,
“It has been an honor and a privilege to serve as President and Chief Executive Officer and Chief Financial Officer of B&G Foods over the last 35 years,” stated Mr. Cantwell. “I am very proud of the tremendous growth we have achieved over that time and would like to thank my senior leadership team and each and every employee of B&G Foods. We could not have achieved this growth without their extraordinary efforts.”
Mr. Cantwell continued, “During the past year, Ken has demonstrated that
he has the experience and leadership skills to successfully lead
Commenting on his appointment, Mr. Romanzi stated, “I am truly honored
and humbled to follow
Mr. Romanzi joined
About
Based in
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.” The
forward-looking statements contained in this press release include,
without limitation, statements related to B&G Foods’ prospects for
future growth, the creation of stockholder value through high-margin
brands, the Company’s disciplined acquisition strategy, and the
Company’s plan to return a meaningful portion of the Company’s excess
cash to its stockholders. Such forward-looking statements involve
known and unknown risks, uncertainties and other unknown factors that
could cause the actual results of B&G Foods to be materially different
from the historical results or from any future results expressed or
implied by such forward-looking statements. In addition to
statements that explicitly describe such risks and uncertainties,
readers are urged to consider statements labeled with the terms
“believes,” “belief,” “expects,” “projects,” “intends,” “anticipates” or
“plans” to be uncertain and forward-looking. Factors that may
affect actual results include, without limitation: the Company’s
substantial leverage; the effects of rising costs for the Company’s raw
materials, packaging and ingredients; crude oil prices and their impact
on distribution, packaging and energy costs; the Company’s ability to
successfully implement sales price increases and cost saving measures to
offset any cost increases; intense competition, changes in consumer
preferences, demand for the Company’s products and local economic and
market conditions; the Company’s continued ability to promote brand
equity successfully, to anticipate and respond to new consumer trends,
to develop new products and markets, to broaden brand portfolios in
order to compete effectively with lower priced products and in markets
that are consolidating at the retail and manufacturing levels and to
improve productivity; the risks associated with the expansion of the
Company’s business; the Company’s possible inability to identify new
acquisitions or to integrate recent or future acquisitions or the
Company’s failure to realize anticipated revenue enhancements, cost
savings or other synergies; tax reform and legislation, including the
effects of the U.S. Tax Cuts and Jobs Act; the Company’s ability to
access the credit markets and the Company’s borrowing costs and credit
ratings, which may be influenced by credit markets generally and the
credit ratings of the Company’s competitors; unanticipated expenses,
including, without limitation, litigation or legal settlement expenses;
the effects of currency movements of the Canadian dollar and the Mexican
peso as compared to the U.S. dollar; the effects of international trade
disputes, tariffs, quotas, and other import or export restrictions on
our international procurement, sales and operations; future impairments
of the Company’s goodwill and intangible assets; the Company’s ability
to successfully implement a new enterprise resource planning (ERP)
system; the Company’s ability to protect information systems against, or
effectively respond to, a cybersecurity incident or other disruption;
the Company’s sustainability initiatives and changes to environmental
laws and regulations; and other factors that affect the food industry
generally. The forward-looking statements contained herein are also
subject generally to other risks and uncertainties that are described
from time to time in B&G Foods’ filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20190129005860/en/
Source:
Investor Relations:
ICR, Inc.
Dara Dierks
866-211-8151
Media Relations:
ICR, Inc.
Matt Lindberg
203-682-8214