Pinnacle Foods Inc.’s CEO Robert Gamgort plans to leave the company at the end of April to assume the role of CEO of Keurig Green Mountain, a provide of single-serve coffee and beverage technologies recently acquired by a JAB Holding Co.-led consortium.
Gamgort has been the CEO at Pinnacle since 2009. He will continue to lead Pinnacle and serve on the Company’s Board of Directors until the time of his departure.
The Pinnacle Board of Directors has activated its search process, with the Search Committee already evaluating both internal and external candidates. The process is expected to conclude in time for a seamless transition with Gamgort.
“Bob has been an outstanding CEO since 2009, having led the organization from private to public ownership,” said Pinnacle Chairman Roger Deromedi. “The clarity of Pinnacle’s strategy, combined with the strength of both its leadership team and Board of Directors, gives me confidence in our ability to deliver attractive shareholder returns, including our expectation for another strong year in 2016. While we are disappointed that Bob will be leaving Pinnacle, we thank him for his years of leadership that have positioned the Company for continued success and wish him well in his new role.”
Gamgort added, “The decision to leave Pinnacle is a difficult one, as I am very proud of the unique business model that we have developed and the significant value that we have created for all stakeholders. I am most proud, however, of the strong management team and Board of Directors that we have built, as they will continue to drive Pinnacle’s future success. Finally, I have great confidence that my significant investment in Pinnacle is in capable hands and look forward to the CAGNY-sponsored event in NYC tomorrow, during which the Company will discuss our 2016 plans and strategy for ongoing value creation.”