Pinnacle Foods Names Mark Clouse New CEO, Reaffirms Full Year Outlook

Pinnacle Foods Inc. PF revealed its Board named Mark Clouse as its new Chief Executive Officer, effective May 23. He would be replacing Bob Gamgort, who is leaving at the end of the current month.

According to the company, Clouse would also serve on its Board. The company clarified that its CFO, Craig Steeneck, would assume the additional role of interim-CEO upon Gamgort's departure until May 22.

While making the announcement, Pinnacle Foods also reaffirmed its outlook for adjusted EPS of $2.08 to $2.13 for the full year. Street analysts predict the company to earn $2.11 a share.

Pinnacle Chairman Roger Deromedi commented, "We are thrilled to welcome Mark to Pinnacle as our new CEO. He assumes the leadership of a very strong company with an exceptionally talented team and bright future. Mark's strong operating background and proven track record of success, combined with his broad experience in both the North American market and more entrepreneurial developing market businesses, make him the ideal candidate to lead Pinnacle and drive the continued success of our business model and strategy."

Currently, Clouse was the Chief Commercial Officer at Mondelez International, where he has held a wide range of leadership positions involving iconic brands like Oreo, Nabisco, Cadbury and Trident during his two decade tenure at Kraft Foods and the subsequent spin-off of Mondelez.

Reacting to the appointment, Clouse said, "I am delighted to be joining Pinnacle and honored to take the helm of such a well-run and admired company. I believe the Company's proven business model and strategy will continue to deliver consistently strong results, and I look forward to leading the organization through its next stage of attractive value creation."