- Push-out Score determined
- After about four years in the position
- Accolades, praise and thanks for Cantwell
- Ken Romanzi taking over
- Cantwell spoke at length and said 159 words
(exechange) — Parsippany, New Jersey, January 29, 2019 — Bob Cantwell, chief executive of B&G Foods, leaves. As announced by B&G Foods Inc. in a news release and in a regulatory filing published on Tuesday, January 29, 2019, Robert C. (Bob) Cantwell leaves his post as Chief Executive Officer at the food company after about four years in the role, effective April 5, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.2 years, according to data compiled by exechange.
Bob Cantwell’s duties will be taken over by Kenneth G. (Ken) Romanzi, currently Chief Operating Officer of B&G Foods, Inc.
“Succession plan established in 2017”
Bob Cantwell’s departure from the CEO post is explained as follows. B&G Foods said: “In accordance with a succession plan established in 2017, B&G Foods’ Board of Directors has appointed Kenneth G. Romanzi, age 59, who currently serves as the Company’s Executive Vice President and Chief Operating Officer, as the Company’s next President and Chief Executive Officer, effective upon Mr. Cantwell’s retirement. At such time, Mr. Romanzi will also replace Mr. Cantwell on the Board of Directors.”
Precise information regarding Bob Cantwell’s future plans was not immediately available.
B&G Foods said: “Robert C. Cantwell, the Company’s Chief Executive Officer has notified the Board of Directors that he plans to retire on April 5, 2019.”
B&G Foods further said: “On January 23, 2019, Robert C. Cantwell, President and Chief Executive Officer of B&G Foods, notified our board of directors of his intention to retire as President and Chief Executive Officer and as a director on April 5, 2019.”
Share price decline
The announcement follows a decline in B&G Foods, Inc.’s share price of 47 percent since July 2016.
Chaired by Stephen C. Sherrill
B&G Foods, Inc. is chaired by Stephen C. Sherrill.
Stephen Sherrill has been a director since B&G Foods’ formation in 1996 and has been Chairman since 2005.
In the position of CEO since 2015
Robert Cantwell is the Company’s President and Chief Executive Officer and has been a director since 2005.
Cantwell joined the Company in 1983 as the Assistant Vice President of Finance.
In that position, Cantwell had responsibility for all financial reporting and budgeting.
Cantwell was promoted to the position of Executive Vice President of Finance and Chief Financial Officer in 1991, assuming full responsibility for all financial matters, as well as management information systems, administration and corporate human resources.
Cantwell was promoted to President and Chief Executive Officer effective January 2015.
Prior to joining B&G Foods, Cantwell spent four years at Deloitte & Touche LLP, where he received accreditation as a Certified Public Accountant.
Cantwell is active in industry trade groups and serves on the board of directors of the Grocery Manufacturers Association.
Following his retirement, it is expected that Cantwell, who turns 62 later this week, will continue to advise the Company on M&A and capital markets transactions.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to B&G Foods and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 5.2019 ($).