Darden To Sell Red Lobster And More Industry News
This week in industry news, SodaStream's sales declined 23 percent, Anthony N. Thompson has been named the new president and CEO of Krispy Kreme Doughnuts Inc., and Darden Restaurants Inc. will sell Red Lobster to Golden Gate Capital for $2.1 billion.
Read on for more of this week's biggest financial news in the world of food.
Earnings
SodaStream: Company sales declined 28 percent in the first quarter.
Qdoba: In the second quarter, the company exceeded sales expectations due to new menu items and growth in catering.
Smithfield Foods: The company's profit soared in the first quarter due to a demand for fresh pork.
Photo Credit: Flickr/Neal Jennigs
Leadership Change
Krispy Kreme Doughnuts: Anthony N. Thompson has been named the new president and CEO of Krispy Kreme Doughnuts Inc., effective June 1. Thompson was previously president and chief operating officer of Papa John's International Inc. James H. Morgan, who is stepping down from the two positions, will continue to serve as executive chairman for the company.
Coffee Bean & Tea Leaf: The company has named Karen Cate, who was formerly the vice president and controller of Trader Joe's Company, its new chief financial officer and Jeff Schroeder, who was previously the vice president of brewery restaurants for Karl Strauss Brewing Company, its new vice president of operations. Cate will oversee all accounting, finance, treasury and IT functions while Schroeder will oversee the operations, customer relations and training for all domestic company-owned and franchised locations.
B&G Foods: After 21 years of leadership, B&G Foods' president and CEO David Wenner will retire in December.
Papa John's: Steve Ritchie, who previously served as senior vice president for global operations, has been promoted to chief operating officer, overseeing global operations support and training in more than 4,4,00 restaurants in 35 nations.
Mergers/Acquisitions
Coca-Cola Co.: After initially announcing a 10 percent stake in Keurig Green Mountain, Coca-Cola Co. plans to increase its stake to 16 percent for about $1.25 million.
Photo Credit: Flickr/chicco
Mondelēz Global L.L.C.: The company plans to invest more than $40 million to expand its biscuit bakery, which makes Nabisco crackers and cookies, including Ritz, Wheat Thins, Premium crackers, Oreo and Chips Ahoy! cookies, and Nilla wafers, in Richmond, Va.
Daphne's California Greek: The fast-casual chain has been acquired by Victory Park Capital Advisors. The terms of the deal were not disclosed.
Pinnacle Foods Group: The Hillshire Brands Co. acquired Pinnacle Foods Group for about $6.6 billion.
Darden Restaurants: The company will sell Red Lobster to San Francisco-based private equity firm Golden Gate Capital for $2.1 billion in cash.
Grupo Bimbo, S.A.B. de C.V.: The company's acquisition of Canada Bread Co. Ltd. is set to close May 23
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