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.
by RTT Staff Writer
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