West will replace Neil Harrison, Del Monte's interim-CEO, who will remain on the board of directors. Harrison was appointed as Del Monte's interim CEO after the company was acquired by an investor group [image-nocss] led by Kohlberg Kravis Roberts & Co., Vestar Capital Partners and Centerview Capital. The acquisition was completed on March 8, 2011.
West has spent nearly 25 years in the food industry and has been Hershey's CEO since 2007. Prior to his appointment as CEO, West held various senior-level positions at Hershey. From October to November 2007, he was president; from January until October 2007, he was executive vice president and COO; and from January 2005 to January 2007, he was senior vice president and CFO. He continued to hold the position of CFO until July 2007. Additionally, he served as senior vice president, and chief customer officer from June 2004 to January 2005, and was senior vice president of sales from December 2002 to June 2004.
He has extensive experience in finance, strategy, sales and marketing. Prior to joining Hershey, West served as senior vice president and CFO at Nabisco Biscuit & Snacks Group, and was responsible for leading the financial function of Kraft Foods' biscuits, confections and snacks businesses. He joined Nabisco in 1987 as senior cost analyst, Planters/LifeSavers Co. During his 14-year career with Nabisco, he held the positions of vice president of corporate strategy and business planning and director of investment analysis, among others. Prior to this, he held positions in finance and accounting with Wearever Proctor-Silex and Unisys.
During West's tenure as CEO, Hershey accelerated top and bottom-line growth by increasing its investment in its U.S. and international operations, improving the effectiveness of its supply chain and business model and accelerating its advertising, brand building and distribution programs. Hershey reported strong profits and net sales growth in 2010 and, since year end 2007, total shareholder returns, including dividends, have exceeded 60%.
"We're thrilled that an executive of Dave's caliber will be leading Del Monte in the next phase of its development and growth. Dave brings with him an outstanding track record of brand building and investment for growth and we are confident he has the leadership credentials and experience to move the company forward," said Del Monte board members Simon Brown (KKR), Brian Ratzan (Vestar) and David Hooper (Centerview).
James E. Nevels, Hershey chairman, said, "We're pleased that J.P. [Bilbrey] has accepted this position. He has worked closely with the board for several years and has been involved in all aspects of the company's strategy and operations. The board has seen firsthand his leadership and expertise and unanimously made this appointment. We will work quickly to name a permanent [CEO] to ensure the continuation of this orderly transition."
He added, "On behalf of the board, I want to thank Dave for his service and wish him all the best in his future endeavors."
Said West: "After 10 years with the Company, it's time to take on the next challenge. I'm thankful for the opportunity to serve with the great people of The Hershey Co., and I'm very confident in their ability to deliver in the future. J.P. has been instrumental to our success and has been a great partner over the years. He is uniquely qualified to lead The Hershey Co. as it builds on its U.S. leadership position and expands globally."
Bilbrey has more than 30 years of global consumer packaged goods experience. He was named Hershey's COO in 2010 with responsibility for day-to-day global operations and commercial activities, leading the company's supply chain as well as geographic regions, including the United States, the Americas and Asia. From December 2007 to November 2010, he was senior vice president of president of Hershey North America. Bilbrey played a key leadership role in the company's turnaround as well as in the creation and implementation of the company's confectionery demand landscape and establishment of Hershey's presence in markets around the world.
Bilbrey joined Hershey in 2003 as senior vice president of Hershey International. Before joining Hershey, Bilbrey held executive positions at Mission Foods and Danone Waters of North America Inc., a division of Groupe Danone, Paris. He was responsible for all operations of Groupe Danone's North American water division. Additionally, he spent 22 years at The Procter & Gamble Co., where he served in positions of increasing responsibility in both the U.S. domestic business as well as numerous international assignments. He has lived abroad and worked in more than 50 countries in North America, Latin America, North Africa and Asia.
Hershey is the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. Headquartered in Hershey, Pa., Hershey has operations throughout the world and more than 13,000 employees. With revenues of more than $5 billion, Hershey offers a wide range of confectionery products, including such iconic brands as Hershey's, Reese's, Kisses, Hershey's Bliss,Special Dark,Hershey's Syrup, Kit Kat, Twizzlers,Ice Breakers, PayDay and Jolly Rancher. Hershey also is a leader in the premium and artisan chocolate segments, with such brands as Scharffen Berger and Dagoba, offered through the Artisan Confections Co., a wholly owned subsidiary.
Del Monte Foods, San Francisco, is one of the country's largest producers, distributors and marketers of branded pet products and food products for the U.S. retail market, generating approximately $3.7 billion in net sales in fiscal 2010. Pet food and pet snacks brands include Meow Mix, Kibbles 'n Bits, Milk-Bone, 9Lives, Pup-Peroni, Gravy Train, Nature's Recipe, Canine Carry-Outs and other brands. Food product brands include Del Monte, Contadina, S&W, College Inn and other brands. The company also produces and distributes private-label pet and food products.
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