FONT-SIZE Plus   Neg

Snyder's-Lance CEO David Singer To Retire; Carl Lee Named Successor

Snack foods maker Snyder's-Lance Inc. (LNCE) said Monday that chief executive officer David Singer has elected to retire from his role following the company's annual meeting of stockholders on May 3, 2013. He will be succeeded by Carl Lee Jr., who has served as president and chief operating officer of the company since December 2010.

Singer, who has served as a director of the company since 2003 and as CEO since 2005, will not stand for re-election as a director. However, he will serve in an advisory capacity in support of the leadership transition through February 2014.

Charlotte, North Carolina-based Snyder's-Lance noted that beginning in 2005, Singer led a decisive turnaround at the company by overhauling supply chain, sales, marketing and distribution.

Prior to 2010, the company completed several strategic acquisitions that complemented the turnaround initiatives, providing increased capabilities and capacity. In late 2010, Singer guided the Lance, Inc. merger with Snyder's of Hanover, Inc. to create Snyder's-Lance, Inc.

Snyder's-Lance noted that during Singer's tenure as CEO, the company's revenues and profits have more than tripled. Total return to the company's shareholders compounded at an annualized rate of 11 percent, well above the Russell 2000 Index of 6 percent and the S&P 500 Index of 4 percent.

Incoming CEO Lee has served as CEO of Snyder's of Hanover, Inc. from 2005 until 2010.

In Monday's regular session, LNCE is trading at $24.91, up $0.01 or 0.04 percent on a volume of 2,016 shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
comScore (SCOR), a global media measurement and analytics company, reported U.S. desktop retail e-commerce spending for the first 27 days of the November-December 2015 holiday season. For the holiday season-to-date, $23.4 billion has been spent online, marking a 5-percent increase versus the corresponding... Cricket Wireless Monday said it is adding to the Cyber Monday excitement by offering new and existing customers 50 percent off Samsung Galaxy S4, S5, and S6 today through December 3 with activation on a smartphone plan. The offer can be combined with the Black Friday offer where customers switching... Global watch maker, Swatch Group will be launching "pay by the wrist" watches early next year in partnership with Visa Inc.
comments powered by Disqus
Trade LNCE now with 
Follow RTT