The president is out TreeHouse Foods, which reported declining sales yesterday and saw its stock plunge to its lowest price in more than six years. Shares of TreeHouse stock closed at $43.03 Thursday, down $23.33, or 35%.
TreeHouse Foods announced yesterday that Robert B. Aiken resigned as President on October 29, 2017. TreeHouse Chairman and Chief Executive Officer Sam K. Reed will assume the role of President. Aiken, 54, had just joined the private brand food manufacturer in July.
“We are disappointed by Bob’s decision and his resulting departure and wish him well in his future endeavors,” said Mr. Reed. “I look forward to working with our strong and capable leadership team and our active Board of Directors to continue driving the business forward.”
“As we initiate our search for a replacement, we will pursue a Chief Executive Officer with the full involvement of our Board of Directors,” Mr. Reed continued. “Private label is of great and growing importance for our customers, and our fundamental vision and strategy remain constant. We have strong leadership and a clear path forward, and we are committed to finding the right candidate to lead us on that journey. Our commitment to TreeHouse 2020 is unwavering, and we will take the steps necessary to improve the foundation of our TreeHouse.”
As part of the Board approved search process, the Company will retain a leading executive search firm to identify CEO candidates.