Fourteen of the 15 largest food companies have changed CEOs in the past three years. Here’s a look at how seven of them will change the food industry.
Apparently it’s been a tough couple of years for the heads of U.S. food and beverage companies. Since Brenda Barnes took over at Sara Lee Corp. in February 2005, 14 of the 15 largest companies (as identified by the Food Processing Top 100 list) have new CEOs. Only Dean Foods’ Gregg Engles has held onto his job … and maybe that’s because he’s also chairman and probably the largest shareholder.
These are turbulent times. Costs for fuel oil and cooking oil are skyrocketing. Prices of raw materials, ingredients and packaging are spiraling. There appears to be a worldwide food shortage — which perhaps has been quieting last year’s clamor that processed foods and beverages are the cause of worldwide obesity.
Add to that a slowdown in the U.S. economy, and it’s hard for a food company to make a buck these days.
On the other hand, if any industry is recession-proof, it’s the food industry. People still have to eat, although they appear to be eating out less and possibly switching to cheaper store brands. All of which makes maintaining brand relevance one of the biggest challenges for today’s CEOs.
