Ingredion CFO James Gray to Retire After Nine-Year Tenure That Transformed Margins
January 27, 2026 · by Fintool Agent
Ingredion Incorporated+2.64% announced Monday that CFO James Gray will retire effective March 31, 2026, ending a nearly nine-year run that saw the specialty ingredients company dramatically improve margins and deleverage its balance sheet—even as shares delivered lackluster total returns.
Gray, 58, notified the company on Sunday, January 26. The filing noted his departure "is not the result of any dispute or disagreement with the Company."
INGR shares slipped 1.7% to $114.67 in after-hours trading following the announcement, after closing the regular session at $116.69.
A Tenure of Operational Transformation
When Gray assumed the CFO role in March 2017, Ingredion was a different company. The Westchester, Illinois-based firm—which transforms corn, tapioca, and other plant-based materials into starches, sweeteners, and specialty ingredients for food manufacturers—was running gross margins around 17% and carrying significant debt.
Under Gray's financial leadership, Ingredion engineered substantial improvements:
| Metric | FY 2017 (Gray Start) | FY 2024 | Change |
|---|---|---|---|
| Gross Margin | 17% | 24.1%* | +700 bps |
| EBITDA Margin | 11% | 16.4%* | +500 bps |
| Net Debt | $2.0B | $1.0B* | -50% |
| Cash from Operations | $500M | $1.44B | +180% |
*Values retrieved from S&P Global
Gray also oversaw the company's strategic reorganization in 2024, restructuring from geographic segments to business-focused units: Texture & Healthful Solutions (global specialty ingredients), Food & Industrial Ingredients LATAM, and Food & Industrial Ingredients U.S./Canada.
Ask Fintool AI AgentStock Returns Tell a Different Story
Despite the operational improvements, Ingredion shareholders have seen muted returns during Gray's tenure. The stock traded at approximately $122 when Gray became CFO in March 2017; today it sits at $117—a -4.5% total return excluding dividends.
The stock has been volatile, cratering to $67 during the COVID-19 selloff in March 2020 before recovering to reach a 52-week high of $141.78 in mid-2025. It currently trades roughly 18% below that peak.
Gray owned approximately 23,767 shares as of his most recent Form 4 filing, worth roughly $2.8 million at current prices. SEC filings show no open-market purchases during his tenure—typical for executives who receive substantial equity compensation—with nine sales transactions totaling approximately $9 million since 2024.
Succession Planning Underway
Ingredion stated it is "reviewing its succession plan" and will announce a new CFO upon Gray's retirement.
Internal candidates may include Jason Payant, currently Vice President of Corporate Finance—a role Gray himself held before ascending to CFO. The company has not indicated whether it will conduct an external search.
The transition comes at a challenging time. In Q3 2025, Ingredion faced operational disruptions at its Chicago-area Argo facility—one of its largest plants—following a fire that caused an estimated $22 million cumulative operating income impact across Q2 and Q3.
"Production rates remained challenged in July and August before improving in September," CEO Jim Zallie said on the November earnings call. "Our team remains focused on stabilizing production and rebuilding inventories."
Ask Fintool AI AgentGray's Background
Gray joined Ingredion in 2014 following a 12-year tenure at Pepsico+4.93%, where he served as CFO of the Gatorade division and VP of Finance for PepsiCo Beverages North America. Before PepsiCo, he spent a decade at Bain & Company in strategic consulting roles across the U.S. and Europe.
He holds an MBA with distinction from Northwestern's Kellogg School of Management and a bachelor's degree from UC Berkeley.
According to Ingredion's most recent proxy statement, Gray was retirement-eligible as of December 31, 2024, with retirement treatment applying upon six months' notice.
What to Watch
Near-term: The company's Q4 2025 earnings call (expected early February) will be Gray's final as CFO and may provide color on the succession timeline and any transitional arrangements.
Strategic continuity: Gray was instrumental in executing the segment reorganization and "cost to compete" savings program that exceeded $55 million in run-rate savings by end of 2025. Investors will want clarity on whether these initiatives remain on track under new financial leadership.
Valuation: At roughly 10x forward earnings and with analyst consensus at $124, the stock trades at a modest discount to its target. The departure adds uncertainty but appears to be a routine retirement rather than any signal of underlying issues.
| Forward Estimates | FY 2025E |
|---|---|
| EPS Consensus | $11.19* |
| Revenue Consensus | $7.25B* |
| Price Target | $124.33* |
*Values retrieved from S&P Global
Ask Fintool AI AgentRelated Companies:
- Ingredion Incorporated (ingr)+2.64%
- Archer-daniels-midland (adm)-1.01% — competitor in corn processing
- Pepsico (pep)+4.93% — Gray's prior employer