J.M. Smucker Co. Chief Executive Officer Richard K. Smucker plans to hand the reins to his nephew, Mark T. Smucker, keeping the foodmaker’s top position within the founding family.
Richard Smucker will become executive chairman, replacing Timothy P. Smucker, who’ll transition to the role of chairman emeritus, the Orrville, Ohio-based company said Monday in a statement. Timothy Smucker is Mark’s father. The changes are effective May 1.
The move lets the maker of Folgers coffee, Jif peanut butter and Pillsbury baking products preserve the founding family’s control over management. Mark Smucker, the fifth generation of the company’s founders, most recently served as president of consumer and natural foods. He previously held roles in Smucker’s coffee, special markets and international businesses.
The shares fell 0.6 percent to $126.80 in New York trading, before the succession plan was announced. Smucker shares have gained 2.8 percent this year.