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Kellanova, formerly known as Kellogg Company, is a global leader in the manufacture and marketing of snacks and convenience foods, operating in over 180 countries . The company produces a wide range of snacks, including crackers, savory snacks, toaster pastries, cereal bars, and bites, as well as convenience foods like ready-to-eat cereals, frozen waffles, veggie foods, and noodles . As the world's second-largest producer of crackers, Kellanova is also a leading producer of cereal, savory snacks, and frozen foods . The company operates through four geographic segments: North America, Europe, Latin America, and AMEA (Asia Middle East Africa), with North America being the largest contributor to net sales .
- Snacks - Manufactures and markets a variety of snack products, including crackers, savory snacks, toaster pastries, cereal bars, and bites, making it the largest revenue contributor.
- Cereal - Produces ready-to-eat cereals, catering to a wide range of consumer preferences and nutritional needs.
- Frozen Foods - Offers a selection of frozen food products, including frozen waffles and veggie foods, providing convenient meal options.
- Noodles and Other Products - Includes the production and sale of noodles and other convenience food items, expanding the company's diverse product portfolio.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Steven A. Cahillane ExecutiveBoard | Chairman and CEO | Trustee of W.K. Kellogg Foundation Trust | Joined Kellanova in October 2017 as CEO, became Chairman in March 2018. Led the spin-off of the North American cereal business and rebranding to Kellanova. Former CEO of Nature’s Bounty and Coca-Cola Americas leader. | View Report → |
Amit Banati Executive | Vice Chairman and CFO | Director at Fortune Brands Home Innovations | CFO since July 2019, promoted to Vice Chairman in January 2023. Previously led Kellogg’s Asia Pacific, Middle East, and Africa regions. Former Kraft Foods and Cadbury executive. | |
Kurt Forche Executive | Vice President and Corporate Controller | None | Joined Kellanova in 1997 as an internal auditor. Appointed VP and Corporate Controller in July 2018. Oversees corporate financial reporting and accounting. | |
Carolyn M. Tastad Board | Director | None | Director since December 2015. Former Group President for North America at Procter & Gamble. Expertise in consumer goods, gender equality, and leadership. | |
Carter A. Cast Board | Director | Operating Partner at Pritzker Private Capital; Board Member at Monogram Foods and PLZ Corp. | Director since June 2017. Former CEO of Walmart.com and Hayneedle. Expertise in e-commerce, consumer goods, and entrepreneurship. | |
Donald R. Knauss Board | Lead Director | Independent Director at Target Corporation; Independent Chairman at McKesson Corporation | Director since December 2007. Former Chairman and CEO of Clorox. Expertise in consumer goods, financial management, and corporate governance. | |
Erica L. Mann Board | Director | Independent Director at Perrigo Company PLC and DSM-Firmenich AG | Director since February 2019. Former President of Consumer Health at Bayer AG. Expertise in healthcare, M&A, and global business strategy. | |
J. Michael Schlotman Board | Director | Chairperson at Wendal; Board Member at Connectic Ventures and CVG Airport | Director since October 2020. Former CFO of Kroger. Expertise in financial strategy, M&A, and operational efficiency. | |
La June Montgomery Tabron Board | Director | President and CEO of W.K. Kellogg Foundation; Trustee of W.K. Kellogg Foundation Trust | Director since February 2014. Leads one of the largest philanthropic organizations globally. Expertise in social responsibility and strategic planning. | |
Mary A. Laschinger Board | Director | Independent Director at Newmont Corporation and Dollar Tree, Inc.; Board Member at Federal Reserve Bank of Atlanta | Director since October 2012. Former Chairman and CEO of Veritiv Corporation. Expertise in supply chain, M&A, and leadership development. | |
Roderick D. Gillum Board | Director | Principal at Jackson Lewis P.C.; Trustee of W.K. Kellogg Foundation Trust | Director since February 2019. Former VP of Corporate Responsibility at General Motors. Expertise in crisis management, labor relations, and corporate governance. | |
Stephanie A. Burns Board | Director | Independent Director at HP Inc. and Corning Incorporated | Director since February 2014. Former Chairman and CEO of Dow Corning Corporation. Expertise in corporate governance, ESG, and financial management. | |
Zachary Gund Board | Director | Managing Partner at Coppermine Capital; Independent Director at WK Kellogg Co. | Director since December 2014. Chair of Kellanova’s Manufacturing Committee. Expertise in private equity, manufacturing, and corporate governance. |
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Given that consumers are under significant pressure and your competitor has observed that price points above $4 lead to consumers exiting the category, do you agree that high price points are causing consumers to leave your categories, and how are you adjusting your price-pack architecture to address this issue?
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With your gross margins improving as volumes remain constrained and retailers increasingly aware of vendors' margin growth, how are you balancing the drive to improve margins with feedback from retail partners concerned about pricing impacts on consumer affordability?
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Are you seeing expected lifts from promotional activities now that you're returning to more normal levels of promotion off higher list prices, and how are these lifts compared to pre-pandemic levels in terms of effectiveness in driving volume?
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Considering that many of your competitors and retailers are emphasizing the need for price investments to support consumers under pressure, why do you believe your business doesn't require additional price givebacks, and how confident are you that your current pricing strategy won't adversely affect volume and market share?
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With European volumes under pressure due to decelerating pricing and economic challenges, how do you plan to drive growth and balance pricing and volume in this market, especially with upcoming innovations like the Cheez-It launch, and what is your outlook on trend improvements and exit rates in the region?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Kellanova (acquired by Acquiror 10VB8, LLC) | 2024 |
Recent press releases and 8-K filings for K.
- Kellanova announced its Q1 2025 financial results with organic sales growth, improved operating profit, and higher EPS, despite challenging market conditions.
- The company also confirmed a pending acquisition by Mars, Incorporated at $83.50 per share in cash, with shareowner approval on November 1, 2024, and closing expected in the first half of 2025.
- Analyst John Renwick, CFA is available for further inquiries at (269) 961-9050.
- The company executed Supplemental Indenture amendments to its existing indenture to implement terms of the Acquisition Agreement dated August 13, 2024, with a Parent Guarantee provided by the Parent Guarantor, ensuring prompt payment obligations upon settlement.
- The amendments, effective upon execution but subject to the Settlement Date, include provisions to change indenture terms and eliminate certain restrictions, as approved with consent from Majority Holders.
- Additionally, the company has solicited and received consents pursuant to the Consent Solicitation Statement dated March 4, 2025, in connection with these changes.
- Consent solicitations for the Existing Kellanova Notes successfully received the Requisite Consents from eligible holders, covering multiple indentures (2001, 2009, and 2024).
- The implementation of the Proposed Amendments, issuance of the Mars Guarantee, and release of the consent payments are all contingent upon the consummation of Mars’ pending acquisition of Kellanova and fulfillment of all customary conditions.