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Conagra Brands, Inc. is a leading branded food company in North America, known for its diverse portfolio that adapts to changing consumer preferences. The company operates through four main segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice, offering a wide range of food products . Conagra's product lines include iconic brands such as Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, and Angie's BOOMCHICKAPOP, spanning categories like frozen foods, snacks, and shelf-stable meals . The company focuses on innovation and quality to drive growth and maintain market leadership, actively reshaping its portfolio through innovation, acquisitions, and divestitures .
- Grocery & Snacks - Offers branded, shelf-stable food products sold in various retail channels across the United States.
- Refrigerated & Frozen - Provides branded, temperature-controlled food products catering to consumer needs for freshness and convenience.
- Foodservice - Supplies branded and customized food products for restaurants and other establishments, supporting the foodservice industry.
- International - Delivers branded food products to markets outside the United States, expanding the company's global reach.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Sean M. Connolly ExecutiveBoard | President and CEO | Board Member at S.C. Johnson & Son, Inc. | CEO of Conagra since 2015, previously CEO of Hillshire Brands and held leadership roles at Sara Lee, Campbell Soup, and P&G. | View Report → |
Alexandre O. Eboli Executive | EVP and Chief Supply Chain Officer | None | Chief Supply Chain Officer since 2021, previously Head of Supply Chain, North America at Unilever. | |
Carey L. Bartell Executive | EVP, General Counsel, and Corporate Secretary | None | General Counsel since 2022, joined Conagra in 2016, previously led litigation and compliance programs. | |
Charisse Brock Executive | EVP and Chief Human Resources Officer | None | Chief HR Officer since 2015, joined Conagra in 2004, previously held HR roles at Quaker Oats/PepsiCo. | |
David S. Marberger Executive | EVP and CFO | None | CFO of Conagra since 2016, oversees Finance, IT, and M&A functions. Previously CFO at Prestige Brands and Godiva Chocolatier. | |
Noelle O'Mara Executive | EVP and President, New Platforms and Acquisitions | None | Joined Conagra in 2024, previously Group President at Tyson Foods, recognized for driving growth and innovation. | |
Thomas M. McGough Executive | EVP and Chief Operating Officer | None | COO since 2024, joined Conagra in 2007, held multiple leadership roles including President of Consumer Foods. | |
William E. Johnson Executive | SVP and Corporate Controller | None | Corporate Controller since 2023, joined Conagra in 2019, previously Director of Internal Audit at Kiewit Corporation. | |
Anil Arora Board | Independent Director | Lead Independent Director at ON24, Inc.; Senior Partner at The TIFIN Group | Director since 2018, former CEO of Yodlee, expertise in technology and financial services. | |
Denise A. Paulonis Board | Independent Director | President and CEO of Sally Beauty Holdings, Inc.; Board Member at Sally Beauty Holdings, Inc. | Director since 2022, CEO of Sally Beauty, expertise in finance and retail operations. | |
Emanuel Chirico Board | Independent Director | Board Member at Dick's Sporting Goods | Director since 2021, former CEO of PVH Corp., expertise in finance and governance. | |
Fran Horowitz Board | Independent Director | CEO and Board Member at Abercrombie & Fitch Co. | Director since 2021, CEO of Abercrombie & Fitch, expertise in retail and international operations. | |
Francisco Fraga Board | Independent Director | EVP, CIO, and CTO at McKesson Corporation | Director since 2023, former CIO at Campbell Soup, expertise in technology and cybersecurity. | |
George Dowdie Board | Independent Director | None | Director since 2022, former EVP at Starbucks, expertise in supply chain and product development. | |
Melissa Lora Board | Independent Director | Director at NVIDIA Corporation | Director since 2019, former President of Taco Bell International, expertise in finance and governance. | |
Richard H. Lenny Board | Independent Board Chair | Lead Independent Director at Illinois Tool Works Inc. | Board Chair since 2018, former CEO of Hershey, brings governance and strategy expertise. | |
Ruth Ann Marshall Board | Independent Director | Lead Independent Director at Regions Financial Corporation; Director at Global Payments, Inc. | Director since 2007, former President of MasterCard Americas, expertise in payments technology and governance. | |
Thomas K. Brown Board | Independent Director | Director at 3M Company | Director since 2013, former Group VP at Ford Motor Company, expertise in global supply chain management. |
- Given the increased promotional activity aimed at value-seeking consumers leading to a negative mix effect on dollar sales, how do you plan to maintain or improve gross margins in the face of rationalized promotions and deep lifts in frozen categories?
- With your focus on portfolio reshaping and potential divestitures of slower-growth assets, can you specify which segments are under consideration and how you will ensure these moves align with long-term shareholder value despite possible short-term earnings dilution?
- Considering the double-digit inflation in key inputs like beef and sweeteners exceeding your initial estimates, what specific cost management or pricing strategies are you employing to mitigate these pressures without compromising volume growth?
- In the increasingly competitive meat snacks category, particularly meat sticks, how will you leverage brands like Slim Jim and the recent FATTY acquisition to defend and grow your market share against both established and emerging competitors?
- Given the shifting consumer behaviors affecting convenience store traffic and the importance of this channel for your snacking portfolio, what targeted actions are you taking to offset softness in this channel and capitalize on growth opportunities in mass merchant and club stores?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Walmart, Inc. | Largest customer, major retailer | Grocery & Snacks, Refrigerated & Frozen | Accounts for 28% of consolidated net sales in fiscal years 2024 and 2023 and 27% in fiscal 2022. Represents about 32% of consolidated net receivables as of May 26, 2024 and 29% as of May 28, 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Sweetwood Smoke & Co. | 2024 | Conagra Brands acquired Sweetwood Smoke & Co. in August 2024 for a cash purchase price of approximately $180 million (with allocations of about $129.9 million in goodwill, $55.8 million in non-amortizing intangible assets, and $5.5 million in amortizing intangible assets) to expand its better-for-you snack portfolio and boost its Grocery & Snacks segment, contributing to net sales in Q1 and Q2 FY2025. |
Manufacturing operations of a co-manufacturer of cooking spray products | 2024 | Conagra Brands completed the acquisition in July 2024 for around $51 million (with a significant portion allocated as goodwill of approximately $44.7–$46.0 million) to strengthen its Grocery & Snacks segment, achieving a net gain in SG&A expenses and contributing incremental net sales in fiscal 2025. |
Recent developments and announcements about CAG.
8-K Filings
8-K Filing
·Feb 19, 2025, 9:34 PMFinancial ExhibitsRegulation FD DisclosureView full 8-K filing →Conagra Brands updates its fiscal 2025 outlook amid supply constraints and FX headwinds. Revised guidance: organic net sales at ~(2.0)% (vs. near (1.5)% to flat), adjusted operating margin ~14.4%, EPS ~ $2.35, and net leverage ~3.55x. Long-term targets unchanged.