CHARLOTTE, N.C. -- The board of Snyder's-Lance Inc. has announced that David V. Singer has elected to retire from his role as CEO following the company's annual meeting of stockholders on May 3. The board has named Carl E. Lee Jr., who has served as president and COO since December 2010, to succeed Singer as CEO.
Singer will not stand for re-election as a director. He has served as a director since 2003 and as CEO since 2005. He will serve in an advisory capacity in support of the leadership transition through February 2014.
Lee served as CEO of Snyder's of Hanover Inc. from 2005 until 2010.
Beginning in 2005, Singer led a decisive turnaround, overhauling supply chain, sales, marketing and distribution. He built a strong management team that established disciplines and a culture of strategic focus, driving decision analytics to new levels, said the company. 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. This merger combined two companies on one national direct-store distribution (DSD) system supporting leading pretzel and sandwich cracker brands.
Also, the merger further strengthened the company's management team, creating a foundation for long-term growth, the company said. Over Singer's tenure as CEO, the company's revenues and profits have more than tripled.
"On behalf of the board of directors, I want to thank Dave for his many years of service and leadership to our company. The board is confident in Carl's ability and is excited that he will assume the role of President and CEO," said Michael A. Warehime, chairman.
"Dave has accomplished much in his tenure at Snyder's-Lance, and we appreciate greatly the strong foundation that has been built under his leadership. His dedication and industry experience have been instrumental in the company's growth into the snack industry leader it is today, and we look forward to building on that success," said Bill J. Prezzano, lead independent director.
Snyder's-Lance, Charlotte, N.C., manufactures and markets snack foods throughout the United States and internationally. Its products include pretzels, sandwich crackers, pretzel crackers, potato chips, cookies, tortilla chips, restaurant style crackers, nuts and other snacks. The company sells products under the Snyder's of Hanover, Lance, Cape Cod, Pretzel Crisps, Krunchers!, Tom's, Archway, Jays, Stella D'oro, O-Ke-Doke and Grande brands along with a number of private-label and third-party brands. Products are distributed nationally through grocery and mass merchandisers, convenience stores, club stores, food service outlets and other channels.
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