- Push-out Score determined
- After 12 years in the position
- Praise for Baker
- Sherman Miller taking over
- Baker will remain as Chairman at Cal-Maine Foods
- Baker said 106 words
(exechange) — Ridgeland, Mississippi, September 30, 2022 — Dolph Baker, chief executive of Cal-Maine Foods, leaves his position. As announced by Cal-Maine Foods Inc. in a news release and in a regulatory filing published on Friday, September 30, 2022, Adolphus B. (Dolph) Baker leaves his post as chief executive officer at the fresh egg producer, after 12 years in the role, effective immediately.
Dolph Baker’s duties as CEO will be taken over by Sherman L. Miller, most recently President and Chief Operations Officer at Cal-Maine Foods Inc.
Miller will remain interim Chief Operations Officer until a successor is named.
“Consistent with the Board’s succession planning process”
Dolph Baker’s departure from the CEO post is explained as follows. Cal-Maine Foods said: “This transition is consistent with the Board’s succession planning process.”
Baker will remain as Chairman at Cal-Maine Foods
“Mr. Baker will retain his role as Chairman of the Company’s Board of Directors and as an executive officer of the Company, and will remain actively involved in managing the Company, with a focus on strategy, capital allocation, advising the senior management team and leading the Board,” Cal-Maine Foods said.
“Step down”
Cal-Maine Foods said: “Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced that its Board of Directors has named Sherman L. Miller President and Chief Executive Officer of the Company, effective immediately. He will succeed Dolph Baker as Chief Executive Officer.”
Cal-Maine Foods further said: “Adolphus B. Baker, Chief Executive Officer(“CEO”) and Chairman of the Board, will step down as the Company’s CEO effective immediately.”
Share price increase since September 2017
The announcement follows an increase in Cal-Maine Foods Inc.’s share price of 65% since September 2017.
In the position of CEO since 2010
Dolph Baker became CEO of the Company in 2010.
He was elected as chairman of the board in 2012 and CEO in 2010.
Previously, Baker served as Company President from 2010 to 2018 and as Chief Operations Officer from 1997 to 2010.
Baker served as Company Vice President and Director of Marketing from 1987 to 2010 after earning his promotion from his prior position as Company Assistant to the President in 1987.
Baker joined Cal-Maine Foods in 1986.
Baker has guided Cal-Maine Foods’ emergence as the largest producer and distributor of fresh shell eggs and egg products in the United States.
During his tenure, the Company has identified, acquired and successfully integrated 23 companies that have driven enterprise growth.
Baker was also instrumental in delivering the Company’s 1996 initial public offering and Nasdaq listing (NASDAQ: CALM).
Baker’s focus on prudential growth helped drive net sales of $293 million in fiscal 1997 to nearly $1.8 billion in fiscal 2022.
Concurrently, he aligned enterprise production, sales and distribution capabilities to generate sales volumes in excess of one billion dozen shell eggs, which represent about 20% of current United States domestic shell egg consumption.
Baker expanded the Company’s total addressable market through joint ventures, partnerships and franchise agreements that created enterprise synergies and enhanced capabilities that currently serve more than 60,000 customer retail locations.
Notably, Baker has supervised the installation of an asset base that helps the Company provide a spectrum of food choice across product categories.
Baker currently serves on the Board of Directors of Eggland’s Best, Inc., and the board of managers of Eggland’s Best, LLC.
He previously served as Chairman of the American Egg Board, United Egg Producers, Egg Clearinghouse, Inc. and the Mississippi Poultry Association.
He has also previously served as a Director of United Egg Producers.
He currently serves on the Board of Directors of Trustmark Corporation and its subsidiary, Trustmark National Bank.
Baker earned a Bachelor of Business Administration from Mississippi State University in 1980.
He is the son-in-law of the late Fred R. Adams, Jr., the Company’s founder.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dolph Baker’s move on a scale of 0 to 10.
exechange reached out to Cal-Maine Foods and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2022 ($).