- Push-out Score determined
- After almost 10 years in the position
- Accolades and praise for Lissette
- Howard Friedman taking over
- Lissette will remain as Executive Chairman at Utz Brands
- Lissette spoke at length and said 186 words
(exechange) — Hanover, Pennsylvania, October 3, 2022 — Dylan Lissette, chief executive of Utz Brands, leaves his position. As announced by Utz Brands Inc. in a news release and in a regulatory filing published on Monday, October 3, 2022, Dylan B. Lissette leaves his post as chief executive officer at the manufacturer of chips, cheese balls, pretzels and other snacks, after almost 10 years in the role, effective on or about December 15, 2022.
Dylan Lissette’s duties as CEO will be taken over by Howard A. Friedman, most recently Chief Operations Officer at Post Holdings, Inc.
The fact that Dylan Lissette’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Natural next step”
Dylan Lissette’s departure from the CEO post is explained as follows. Utz Brands said: “This leadership transition was initially contemplated at the time of the merger between Collier Creek Holdings and Utz and is a natural next step as Utz continues to develop as a public company. The search for the next CEO of Utz included the consideration of both internal and external candidates, leading to the identification of Mr. Friedman as an ideal successor to Mr. Lissette, with the right CPG experience and expertise to lead the Company as it accelerates its proven growth strategy.”
Lissette will remain as Executive Chairman at Utz Brands
“Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded salty snacks, has announced that, after 27 years with the Company, Dylan Lissette, currently Chief Executive Officer, will be appointed Executive Chairman of the Board, effective December 15, 2022. At that time, Howard Friedman, currently Chief Operations Officer of Post Holdings, Inc., will join the Company as Chief Executive Officer and serve as a member of the Utz Board. Commensurate with these appointments, Roger Deromedi, current Chairman of the Board, will become Lead Independent Director. Mr. Lissette will transition to the role of Non-Executive Chairman of the Board in the second quarter of 2023,” Utz Brands said.
“Transition”
Utz Brands said: “On September 30, 2022, the Board of Directors (the “Board”) of Utz Brands, Inc. (the “Company”) appointed Howard A. Friedman, age 52, as Chief Executive Officer of the Company and appointed Mr. Friedman as a Class I director on the Board, commencing upon his start date with the Company, expected to occur on or about December 15, 2022.”
Utz Brands further said: “In connection with the appointment of Mr. Friedman to the office of Chief Executive Officer, the Company announced that commencing on the CEO Commencement Date, Dylan B. Lissette, the Company’s current Chief Executive Officer, will be appointed Executive Chairman from now until the second quarter of 2023, when he will transition to the role of non-executive Chairman of the Board.”
Share price decline since May 2021
The announcement follows a decline in Utz Brands Inc.’s share price of 50% since May 2021.
In the position of CEO since 2013
Dylan Lissette became CEO of the Company in 2013.
Lissette has served as a member of the Board of Directors of the Company since August 2020.
Lissette is the Chief Executive Officer of Utz.
Lissette has served as the Vice Chairman, President and Chief Executive Officer of the Utz companies since assuming the role in January 2013 and upon the Closing of the Business Combination, Lissette was appointed the Company’s Chief Executive Officer.
Lissette also served as the sole manager of UBH from September 2016 through the Closing of the Business Combination.
In addition, Lissette has served as a member of the Board of Managers of the Continuing Members since June 2004.
Prior to serving as Chief Executive Officer, Lissette served as Chief Operating Officer from January 2011 to January 2013 and Executive Vice President of Sales and Marketing from January 2008 to January 2011.
Prior to his service as an executive officer of the Utz companies, Lissette served the Utz companies in several capacities since joining in 1995, including serving as Retail Sales Manager, Key Account Director, and Director of Marketing.
In 2007, Lissette was promoted to the position of Senior Vice President — Sales Operations where he had direct responsibility for route sales development in the Company’s Mid-Atlantic core markets and system-wide administration of the company’s DSD operations.
Lissette represents the fourth generation of family leadership and involvement at Utz and is the son-in-law of Michael W. Rice, who serves as the Company’s Chairman Emeritus and is a member of the Company’s Board of Directors.
Lissette also served on the Board of Directors of Hanover Hospital from August 2011 until August 2018.
Lissette holds a B.S. degree in Business Economics and Public Policy from The George Washington University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dylan Lissette’s move on a scale of 0 to 10.
exechange reached out to Utz Brands and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 41.2022 ($).