The J.M. Smucker Co., which owns Folgers Coffee, said on Tuesday that effective Aug. 16, 2011, Richard K. Smucker will become the sole CEO of the company. His current co-CEO, Timothy P. Smucker, will continue to serve the company as chairman of the board.
Vincent C. Byrd, currently the president of U.S. retail coffee and with 34 years experience at the company, will assume the role of president and chief operating officer with responsibility for the company's U.S. retail businesses, effective May 1, 2011.
"Continuity of leadership has been a primary factor behind our company's success and remains a key element of the succession planning that ensures the development of future Company leaders," said Tim Smucker, chairman of the board and current Co-CEO, in a prepared statement. "The changes announced today reinforce our commitment to maintain our company's heritage and unique culture, while continuing to support the long-term interests of our constituents aEUR" consumers, customers, employees, suppliers, communities and shareholders."
"This leadership team embodies the values that have contributed to our success, allowing us to deliver consistent, record, long-term results," stated Richard Smucker, executive chairman and current co-CEO. "We are confident in their proven abilities and in the talent of all of our employees to continue to strengthen and grow our company."
