ConAgra Foods and Lamb Weston Start Their Planned Spin-off

ConAgra Foods, Inc. announced the company began the procedure in connection with its planned separation into two independent public companies: Lamb Weston Holdings, Inc. and Conagra Brands, Inc.

“We believe that this separation will create two focused companies that are well-positioned to unlock unique growth opportunities to win in the marketplace and create value for stockholders,” said Sean Connolly, ConAgra Foods president and chief executive officer. “We have made tremendous progress since last November when we announced our plan to separate, and the filing of the Form 10 marks an important milestone in this process. We remain on track to complete the separation by the fall of calendar 2016.”

As disclosed in the filing, current ConAgra Foods director Timothy R. McLevish will become the executive chairman of the board of directors of Lamb Weston, effective upon the completion of the spin-off. “I’m excited to be named executive chairman of Lamb Weston,” said McLevish. “I’ve had the opportunity to get to know this business very well, and I believe it has terrific prospects as a stand-alone company. We are extremely well-positioned for long-term growth and shareholder value creation.”

Additionally, Thomas P. Werner, currently president of Commercial Foods at ConAgra Foods, will become chief executive officer of Lamb Weston and will serve as a director on the Lamb Weston board. Lamb Weston’s portfolio will consist of frozen potato, sweet potato, appetizer and other vegetable products, as well as a continued presence in retail frozen products under licensed brands and private brands.

A New CFO for ConAgra

ConAgra Foods, Inc. has also announced that David Marberger has been appointed executive vice president and chief financial officer, effective August 29, 2016. Marberger will report to Sean Connolly, president and chief executive officer of ConAgra Foods, Inc. and will succeed John Gehring, who previously announced his plans to retire from the company. Gehring will remain with the company until the end of September to assist with Marberger’s transition. Marberger brings more than 30 years of finance and leadership experience to ConAgra Foods, including significant consumer packaged goods expertise. Currently, he serves as chief financial officer at Prestige Brands, a provider of over-the-counter healthcare products with a portfolio of over 80 brands.