Market Cheers As ConAgra's CEO Confirms Retirement Plan

ConAgra Foods CAG confirmed that Chief Executive Gary M. Rodkin will retire at the end of the company's fiscal year, May 2015

Rumors of Rodkin's impending departure surfaced last week, driving ConAgra shares higher each day since Wednesday.

Weak sales following ConAgra's $5 billion acquisition last year of Ralcorp Holdings caused the company to miss earnings estimates the most recent quarter.

Rodkin, 62, joined ConAgra Foods in October 2005. Previously he was chairman and chief executive officer of PepsiCoBeverages North America.

A search committee led by ConAgra's independent director Richard Lenny is to identify Rodkin's successor.

ConAgra traded recently up 1.2 percent to $31.33.