B&G Foods President and CEO Kenneth Romanzi is out “to pursue personal interests,” the company announced Monday.
Effective Nov. 15, the board of directors has appointed former President and CEO David Wenner, who held the position from 1993 to 2014, as interim president and CEO.
Romanzi’s departure was “mutually agreed upon,” the company said.
The company will now initiate a search for Romanzi’s replacement. The board has appointed a special committee to direct the search and transition process. The search committee is chaired by Dennis Mullen, chairman of the nominating and governance committee, and also includes DeAnn Brunts, Charles Marcy, and Robert Mills.
“I thoroughly enjoyed my time at B&G Foods and am very proud of all of our accomplishments,” Romanzi said in a prepared statement on his departure. “The business is in excellent shape and I am confident the team will continue to deliver terrific results. I wish the entire B&G Foods family all the best for a bright future.”
Chairman of the Board Stephen Sherrill noted year-over-year growth resulting from increased eating at home, and said that B&G Foods’ financial performance has been very strong during the ongoing pandemic and under Romanzi’s leadership.
“The company is in excellent operational and financial condition as evidenced by the quarterly and year-to-date financial results we reported earlier this month. Furthermore, after successfully acquiring and integrating the Clabber Girl business, B&G Foods is continuing on the acquisition path with its pending purchase of Crisco,” Sherrill said. “All in all, we believe this is a good time to make a leadership transition and we are very fortunate that our former long-time CEO Dave Wenner, who has continued to serve on our Board of Directors, is now available and has agreed to help lead our company while we search for our next CEO.”
Under Wenner’s leadership, B&G Foods completed and integrated 16 acquisitions, evolving from a small, regional pickle company to a public food company with a diverse portfolio of brands.
“Through continued service on our Board of Directors since his retirement, Dave is very much up to speed on all aspects of our company’s operations and is deeply familiar with our strategy, our executive team and our brands,” Sherrill said. “Together with the very strong management team that Ken has organized and led, Dave is very well prepared to steer the ship during this transition period.”
Today’s announcement is not expected to impact the timing of the completion of the pending Crisco acquisition, the company said. The acquisition is expected to close during the fourth quarter of 2020, subject to customary closing conditions.