Lamb Weston Announces Chief Financial Officer Succession

Lamb Weston Holdings, Inc. (NYSE: LW) announced today that Robert McNutt has shared his intent to retire from his position as Senior Vice President and Chief Financial Officer of the Company effective August 6, 2021.

Bernadette Madarieta, Vice President and Controller, will succeed Mr. McNutt as Senior Vice President and Chief Financial Officer, effective August 6, 2021. Ms. Madarieta will report to Tom Werner, Lamb Weston’s President, and CEO.

Tom Werner, Lamb Weston’s President, and CEO:

“I want to thank Rob for his leadership and his many contributions to Lamb Weston as we have developed into a strong independent company.”

“He has played an important role helping the Company navigate the challenges of operating during the COVID-19 pandemic while building a strong finance team with deep expertise.”

“On behalf of the Board of Directors and all Lamb Weston employees, I want to wish Rob all the best as he enters the next chapter of his life.”

Robert McNutt, Senior Vice President, and Chief Financial Officer:

“I am proud of what we have built at Lamb Weston over the past several years.”

“I believe the Company is well-positioned to take advantage of opportunities in the global category as frozen potato demand improves.”

“Bernadette has been a key senior member of our finance team, and I am confident in her experience and strong leadership capabilities.”

Tom Werner:

“It gives me great confidence to know that Bernadette is stepping into this role.”

“Not only does she have a deep understanding of the Lamb Weston business, but she is also highly respected by her colleagues across the organization.”

“I look forward to working closely with Bernadette in her new role to drive value for all of our stakeholders.”

Ms. Madarieta has served as Lamb Weston’s Vice President and Controller and Principal Accounting Officer since November 2016 when the Company was spun off from Conagra.

She has more than 20 years of experience leading finance teams for publicly traded companies.

Prior to joining Lamb Weston, Ms. Madarieta served as Vice President and Controller of Packaging Corporation of America, containerboard and corrugated packaging manufacturer, and Vice President and Controller at Boise Inc., a packaging and paper products manufacturer.