Ab Inbev Veteran Named Lamb Weston Executive Chair

Credit: Piotr Swat/Shutterstock.com.

Lamb Weston, nan US-based potato-products supplier, has hired AB InBev seasoned Jan Craps for its recently created domiciled of executive chair.

Craps, who worked for AB InBev, nan world’s largest brewer, for much than 20 years, will subordinate Lamb Weston tomorrow (6 February).

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In a connection yesterday, Lamb Weston said Craps would “help unlock nan company’s imaginable and performance, pinch a peculiar attraction connected committee leadership, M&A, governance, oversight, world marketplace execution and nan company’s semipermanent strategy”.

The group has besides appointed erstwhile PepsiCo executive Jim Gray arsenic its caller CFO.

Lamb Weston has faced unit connected profits successful caller quarters, successful portion arsenic softer edifice postulation wounded sales.

The company, however, has attracted disapproval for its capacity from activistic investor Jana Partners, which claimed nan group had made “self-inflicted mis-steps”.

In October 2024, Jana Partners bought a liking successful Lamb Weston and called for alteration astatine nan business, including considering nan anticipation of a sale.

Two months later, Lamb Weston COO Mike Smith was appointed president and CEO, a move that displeased Jana Investors.

In June past year, nan institution made a bid of changes to its committee of directors that were welcomed by nan investor.

A period later, Lamb Weston outlined plans to unafraid “at least” $250m successful savings to boost profits and rate travel arsenic portion of a strategy nan institution dubbed “Focus to Win”.

Announcing nan appointments of Craps and Gray, Smith said: “The acquisition and imagination Jan and Jim bring to Lamb Weston will beryllium critically important arsenic we execute our Focus to Win strategy. I look guardant to moving intimately pinch them arsenic we prioritise markets and channels, fortify customer partnerships, execute executional excellence, and group nan gait for innovation.”

For nan financial twelvemonth ended 25 May, nan institution reported nett income of $357.2m, down 51% from nan anterior year. Adjusted nett income fell 35% to $478.6m. Net income remained level astatine $6.45bn.

In nan first six months of Lamb Weston’s caller financial year, a play that ran to 24 November, nett income edged up 1% to $3.27bn. Reported profits roseate 38% to $126.4m but adjusted profits declined 8% to $199.7m.

For fiscal 2026, Lamb Weston has forecast nett income of $6.35bn to $6.55bn and adjusted EBITDA of $1.00bn to $1.20bn. In yesterday’s announcement, nan institution reiterated this guidance.

Craps said: “I person a beardown admiration for Lamb Weston arsenic 1 of nan premier foodservice companies successful nan world. I look guardant to partnering pinch Mike to capitalise connected nan beardown opportunity successful beforehand of america to thrust shareholder returns successful this attractive, increasing category.”

Lamb Weston president Bradley Alford will go lead independent head connected nan company’s board.

Gray, who takes up nan CFO domiciled connected 2 April, succeeds Bernadette Madarieta, who will stay pinch nan institution successful an interim advisory role.