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Snyder’s-Lance Inc. CEO David V. Singer will retire following the snack company’s annual meeting of stockholders on May 3. Singer, who has been a director of the Charlotte, N.C.-based company since 2003 and CEO since 2005, will not run for re-election as a director.
Snyder-Lance’s board of directors has named Carl E. Lee Jr., president and COO since December 2010, to succeed Singer as CEO. Lee was CEO of Snyder’s of Hanover, Inc. from 2005 to 2010. Singer will advise on the leadership transition through February 2014.
Starting in in 2005, Singer spearheaded a decisive turnaround at Snyder’s-Lance, revamping supply chain, sales, marketing and distribution. He assembled a strong management team, driving decision analytics to new levels within the company. Before 2010, Snyder-Lance undertook several strategic acquisitions that complemented the turnaround initiatives, resulting in improved capabilities and capacity. In late 2010, Singer oversaw the merger of Lance Inc. with Snyder’s of Hanover Inc. to create Snyder’s-Lance Inc., which combined two major companies on one national DSD system backing the United States’ No. 1 pretzel brand and No. 1 sandwich cracker.
Additionally, the merger further bolstered the company’s management team, laying a firm foundation for long-term growth. During Singer’s time as CEO, Snyder’s-Lance’s revenues and profits have more than tripled and total return to the company’s shareholders compounded at an annualized rate of 11 percent.
“We have a very strong board of directors, a highly capable and experienced leadership team, thousands of dedicated associates, a robust strategic plan, and great brands and products,” said Singer. “Accordingly, given our firm financial and operational footing and solid succession plan, I believe now is the appropriate time to begin the transition with Carl. I share the board’s confidence in his ability to lead our company and feel confident that Snyder’s-Lance is well positioned for continued growth and success for years to come.”
Snyder’s-Lance brands include Snyder’s of Hanover, Lance, Cape Cod, Pretzel Crisps, Krunchers!, Tom’s, Archway and Stella D’oro, along with a number of private label and third-party brands.