Mark Westphal, the chief financial officer of Michael Foods, is being promoted to president of the Post Holdings business unit, while outgoing president Jim Dwyer is taking on a new leadership role within Post.
Post Holdings announced in a press release issued on January 11 that it is exploring a range of strategic alternatives for its private brands businesses, which produce nut butter, dried fruit and nut, pasta and granola products for top retailers, distributors and manufacturers.
Dwyer, who had been at the helm of Michael Foods, the egg, potato, pasta and cheese business unit of Post Holdings, will oversee the new initiatives for the private brands business.
“We believe Jim Dwyer’s leadership will drive value creation in our strategic private brands businesses,” said Rob Vitale, Post’s president and CEO. “We further believe the best structure to support Jim and his team is likely outside of Post’s full ownership and we will aggressively explore creative alternatives involving direct capital and/or strategic partnerships.”
“Private brands will continue to be a strong growth driver across all trade channels and customers,” said Jim Dwyer. “It’s exciting to create a business singularly focused on partnering with customers to profitably grow our respective businesses.”
Post expects to report the private brands businesses as one segment beginning in the second quarter of fiscal year 2018.
Restructuring with Bob Evans acquisition
In the same press release, Post Holdings announced that its planned acquisition of Bob Evans Farms was expected to be finalized on December 12, following approval from Bob Evans stockholders.
Upon close of the acquisition of Bob Evans, Post will form a refrigerated retail business unit and a foodservice business unit. As previously announced, Mike Townsley, current CEO of Bob Evans, will lead the refrigerated retail business, inclusive of Bob Evans retail business and Michael Foods retail egg, potato and cheese business. Westphal, newly-named president of Michael Foods Group, will lead the foodservice business, inclusive of Michael Foods foodservice egg and potato business and Bob Evans foodservice business.
