Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade LNCE now with 

Snack foods maker Snyder's-Lance Inc. (LNCE: Quote) 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.

Register
To receive FREE breaking news email alerts for Lance Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Here is a quick summary of the earnings reported after the bell on Nov 19. Keurig Green Mountain, Inc. (GMCR) reported net income for the fourth quarter of $141.1 million or $0.86 per share, compared to $127.0 million or $0.83 per share for the year-ago quarter. Excluding items, adjusted net... Women's apparel retailer L Brands, Inc. said Wednesday that its third quarter profit rose 43% from last year, as sales increased 7%. The company's quarterly earnings per share also came in above analysts' expectations. At the same time, the company forecasts fourth quarter earnings below analysts' current consensus estimate, but once again raised its full year earnings outlook. PetSmart, Inc. said Tuesday after the markets closed that its third quarter profit remained essentially flat with last year, as higher costs and expenses offset a 2.6% increase in sales. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly sales.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.