May 09, 2016

10/05/2016: Pinnacle Foods Inc names Mark A Clouse Chief Executive Officer and Director of the Board

On 27 April Pinnacle Foods Inc's Board of Directors named Mark A Clouse as the Company's new Chief Executive Officer, effective May 23, 2016, replacing Bob Gamgort, who left the Company at the end of April. Mr Clouse will also serve on the Company's Board.

Craig Steeneck, Chief Financial Officer of Pinnacle, assumed the additional role of interim-CEO of Pinnacle upon Mr Gamgort's departure and will hold the post through May 22, 2016. In making the announcement, the Company also reaffirmed its outlook for adjusted diluted EPS for 2016 in the range of US$2.08 to US$2.13, which is discussed in detail on the Company's previously-scheduled earnings call for the first quarter.

Mr Clouse, 47, is currently Chief Commercial Officer at Mondelez International, Inc, where he has held a broad range of leadership positions involving iconic brands such as Oreo, Nabisco, Cadbury and Trident during his 20-year tenure at Kraft Foods Inc and the subsequent spin-off of Mondelez.

In his current role, Mr Clouse oversees the company's commercial execution for all of its five geographic regions, as well as the global sales function. Prior to this, he was Chief Growth Officer for Mondelez, where he was responsible for the company's growth strategy and oversaw key areas such as corporate strategy, global marketing, global sales, and research, development and quality.  In addition, during his tenure, Mr Clouse also led smaller, entrepreneurial businesses in emerging markets, such as China and Brazil, and held leadership roles involving the integration of acquisitions.

Before joining Kraft Foods Inc, Mr Clouse served in the United States Army as a pilot and completed his service as a Captain. He is a graduate of the US Military Academy at West Point, with a degree in economics.

Commenting on the appointment, Pinnacle Chairman Roger K Deromedi stated, "We are thrilled to welcome Mark to Pinnacle as our new CEO.  He assumes the leadership of a very strong company with an exceptionally talented team and bright future.  Mark's strong operating background and proven track record of success, combined with his broad experience in both the North American market and more entrepreneurial developing market businesses, make him the ideal candidate to lead Pinnacle and drive the continued success of our business model and strategy."

"I am delighted to be joining Pinnacle and honoured to take the helm of such a well-run and admired company.  I believe the Company's proven business model and strategy will continue to deliver consistently strong results, and I look forward to leading the organisation through its next stage of attractive value creation," added Mr Clouse.

Visit the Pinnacle Foods site HERE.

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