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Posted 23 June, 2022

J M SMUCKER Co appointed Mark T. Smucker as new CEO

NYSE:SJM appointed new Chief Executive Officer Mark T. Smucker in a 8-K filed on 23 June, 2022.


  (b) On June 23, 2022, The J. M. Smucker Company (the "Company") issued a press release announcing that, effective August 17, 2022, Richard K. Smucker will retire as the Executive Chairman of the Board of Directors (the "Board"), and Mark T. Smucker, President and Chief Executive Officer and a Director of the Company, will succeed Richard K. Smucker and become the Chair of the Board, President, and Chief Executive Officer of the Company.  

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Overview of J M SMUCKER Co
Consumer Goods • Food Products
The J. M. Smucker Co. engages in the manufacture and marketing of food and beverage products. It operates through the following segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, and Sweet Baked Snacks. The U.S. Retail Coffee segment includes the domestic sales of Folgers, Dunkin’, and Café Bustelo branded coffee. The U.S. Retail Frozen Handheld and Spreads segment focuses on domestic sales of Smucker’s and Jif branded products. The U.S. Retail Pet Foods segment is involved in the domestic sales of Meow Mix, Milk-Bone, Pup-Peroni, and Canine Carry Outs branded products. The Sweet Baked Snacks segment refers to all domestic and foreign sales of Hostess and Voortman branded products in all channels. The company was founded by Jerome Monroe Smucker in 1897 and is headquartered in Orrville, OH.
Market Cap
$11.6B
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J M SMUCKER Co by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


(b) On June 23, 2022, The J. M. Smucker Company (the "Company") issued a press release announcing that, effective August 17, 2022, Richard K. Smucker will retire as the Executive Chairman of the Board of Directors (the "Board"), and Mark T. Smucker, President and Chief Executive Officer and a Director of the Company, will succeed Richard K. Smucker and become the Chair of the Board, President, and Chief Executive Officer of the Company. Richard K. Smucker will remain an employee of the Company until his retirement on October 9, 2022. If Richard K. Smucker is re-elected to the Board at the Company's annual meeting of shareholders to be held on August 17, 2022, he will continue to serve as a Director, and he will be compensated as a non-employee Director for the remainder of the Company's fiscal year 2023 following his retirement as an employee of the Company on October 9, 2022.


The Company also announced that Timothy P. Smucker will be retiring from the Board at the expiration of his current term on August 17, 2022. At such time, the Board will appoint him to a new Chairman Emeritus role for an initial one-year term, and the Company will enter into a Chairman Emeritus Agreement with him, pursuant to which he will be entitled to (i) administrative resource and office support, (ii) reimbursement of reasonable business expenses, and (iii) an annual cash retainer of $100,000 payable in quarterly installments. The purpose of the Chairman Emeritus position is to permit the Company to continue to benefit from the participation and input of the Chairman Emeritus after such person has ceased to be a Director. The Chairman Emeritus will receive notice of and may participate in Board meetings but will generally not attend Board sessions that are limited to independent Directors only. In addition, the Chairman Emeritus will not be entitled to vote and will not be counted for quorum purposes at Board or Committee meetings.


(e) In connection with the transition noted above, Mark T. Smucker's base salary and incentive plan targets will be adjusted to reflect his increased responsibilities.