TreeHouse Foods to Search for New CFO

Private label food and beverage manufacturer TreeHouse Foods has announced that William J. Kelley Jr. will step down as Executive Vice President and Chief Financial Officer and leave the company. Patrick O’Donnell, Chief Accounting Officer, will fill the position in the interim, as the company will begin searching for a new CFO.

"The transformation work and the capabilities we have built across our organization over the last several years have positioned us well to capitalize on the growing demand for private label, and I am confident that Pat will provide seamless continuity as we continue our transformation and search for a permanent CFO," said Steve Oakland, President and Chief Executive Officer. "We remain committed to serving our customers and driving growth and value for our shareholders."

Kelley will remain with TreeHouse through June 30.

 "I am proud of all that we accomplished over the last six years,” he said. “Our focus on commercial and operational excellence, portfolio optimization and people and talent has enabled us to create a fundamentally stronger business.  I'm confident that TreeHouse is in an excellent strategic and financial position and has tremendous opportunity ahead."

In addition to the CFO transition, TreeHouse reaffirmed its previously issued full year 2022 guidance1:

• Net sales growth of at least 11% year-over-year. Pricing actions are expected to drive the majority of the sales growth and are anticipated to be tempered by volume constraints related to labor and supply chain disruption.
• Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") of $385 to $415 million, up approximately 5% year-over-year at the midpoint.

TreeHouse Foods operates in 29 product categories across two divisions, and has approximately 40 production facilities across North America and Italy.