- Push-out Score determined
- After less than two years in the position
- Praise, thanks and good wishes for Romanzi
- Dave Wenner taking over in the interim
- Search for a successor
- Romanzi kept it short and said 49 words
(exechange) — Parsippany, New Jersey, November 16, 2020 — Ken Romanzi, chief executive of B&G Foods, leaves — as “mutually agreed.” As announced by B&G Foods Inc. in a news release and in a regulatory filing published on Monday, November 16, 2020, Kenneth G. (Ken) Romanzi has left his post as chief executive officer of the manufacturer of branded shelf-stable and frozen foods after less than two years in the role, effective November 15, 2020.
B&G Foods will undertake a search for a successor.
Ken Romanzi’s duties as CEO will be taken over in the interim by David L. (Dave) Wenner, a former President and Chief Executive Officer of B&G Foods Inc., as Interim Chief Executive Officer.
“To pursue personal interests”
Ken Romanzi’s departure from the CEO post is explained as follows. B&G Foods said: “Kenneth G. Romanzi, President and Chief Executive Officer and a member of the Board of Directors, and the Company mutually agreed that Mr. Romanzi would step aside as President, Chief Executive Officer and a Director effective November 15, 2020 in order for Mr. Romanzi to pursue personal interests.”
Precise information regarding Ken Romanzi’s future plans was not immediately available.
B&G Foods said: “On November 15, 2020, Kenneth G. Romanzi and B&G Foods mutually agreed that Mr. Romanzi would step aside as President, Chief Executive Officer and a member of the board of directors of B&G Foods in order for Mr. Romanzi to pursue personal interests, and Mr. Romanzi resigned as President, Chief Executive Officer and a director effective that day.”
“Not the result of any disagreement”
“This was not the result of any disagreement on the part of Mr. Romanzi relating to the Company’s operations, policies or practices or any misconduct by Mr. Romanzi,” B&G Foods said.
Share price increase since April 2019
The announcement follows an increase in B&G Foods Inc.’s share price of 13% since April 2019. April 2019 is the month in which Romanzi’s tenure as CEO began.
Chaired by Stephen C. Sherrill
Stephen C. Sherrill serves as B&G Foods Inc.’s Chairman.
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 2019
Ken Romanzi became CEO of the Company in 2019.
Ken Romanzi has been the Company’s President and Chief Executive Officer and has been a director since April 2019.
Romanzi previously served as Executive Vice President and Chief Operating Officer of B&G Foods, a position he had held since joining the Company in December 2017.
Prior to that, Romanzi served as President, Fresh Foods at WhiteWave Foods Corp., from March 2016 to October 2017, where he led Earthbound Farm Organic.
Prior to joining WhiteWave, Romanzi, served as Senior Vice President and Chief Operating Officer, Global Brands of Ocean Spray Cranberries, Inc. from 2013 to 2015, and as Senior Vice President and Chief Operating Officer of Ocean Spray’s North American food and beverage business from 2004 to 2013.
Before that, Romanzi served as President, U.S. Toys Division of Hasbro Inc.; President and Chief Executive Officer of Ultimate Juice Company, a premium juice company whose brands included the Naked Juice brand; and President and Chief Executive Officer of Balducci’s Direct, a gourmet food catalog business.
Romanzi also served in positions of increasing responsibility at Nabisco, Inc., including President of Nabisco Refrigerated Foods and Senior Vice President Sales & Distribution of Nabisco Biscuit Company, and served at Cadbury Schweppes, as Vice President, Marketing and Strategic Planning, North America.
Romanzi began his career in marketing at Frito-Lay, Inc.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
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 47.2020 ($).