Treehouse Foods is joining the list of companies to announce the appointment of new leaders in this already jam-packed year of growth. The company recently revealed that it had formed an agreement with JANA Partners, which owns part of its outstanding shares of common stock, to appoint John P. Gainor Jr. and Kenneth I. Tuchman to its Board of Directors as Independent Directors.
Gainor will join the Director class that will stand for election in 2022, while Tuchman will join the Director class that will stand for election in 2023. As noted in a press release, the appointment of both men will temporarily expand the Board to 14 Directors until after the TreeHouse 2021 Annual Meeting of Stockholders, which will then bring the number back to 11.
An experienced Executive and Director, Gainor most recently served as President and Chief Executive Officer of International Dairy Queen from 2008 until 2017 after serving as its Chief Supply Chain Officer. He has vast experience in shipping and logistics from his time as President and Co-Founder of Supply Solutions, and has also rounded out his expertise with previous roles at Consolidated Distribution Corporation, AmeriServe Distribution Corporation, and Warner Lambert Corporation.
Gainor currently serves on the Board of Directors of Bloomin' Brands and Saia and previously served on the board of Jack in the Box.
Tuchman has over 35 years of experience as an investment banker and director, having worked with both public and private, large and mid-cap company management teams to facilitate growth, funding, and competitive positioning. Tuchman's most recent role was that of Vice Chairman of the investment and corporate banking groups of Bank of Montreal Capital Markets until 2016. Prior to that, he served as Vice Chairman at Bank of America Merrill Lynch.
In his other roles, Tuchman spent more than 16 years at Lehman Brothers where he was a Managing Director and Co-Head of the Global M&A Group.
He has also served on the Boards of Directors for Smart & Final Stores, Gordmans Stores, Parisian Department Stores, and DeMoulas Supermarkets, as well as other private companies and organizations.
"This is an important moment in our growth trajectory; we have made significant progress transforming the Company, which is reflected in the strength of our 2020 performance, and we are well-positioned to drive growth and value over the long term," said Steve Oakland, Chief Executive Officer and President of TreeHouse. "We share a common perspective with JANA that our current share price does not reflect the progress we have made and the value of our opportunities, business and outlook. I look forward to working with John, Ken and the rest of the board to focus on accelerating our momentum and achieving a stock price that reflects the true value of our business."
Chairman of the Board, Gary D. Smith, also commented on the appointment of these two new leaders.
"We are pleased that our productive engagement with JANA Partners has resulted in the appointment of John and Ken to the TreeHouse Board," he said. "Both have a broad range of expertise. We look forward to benefitting from their valuable perspectives as we continue to focus on executing our strategy and on creating long-term value for our stockholders."
Barry Rosenstein, Managing Partner of JANA Partners, also made a statement in regards to Gainor and Tuchman's new roles.
"We are encouraged by the steps the company has been taking, including these Director additions, and by the ongoing commitment to unlocking stockholder value," said Rosenstein.
In connection to the recent appointment of Gainor and Tuchman, Treehouse Foods and JANA Partners have entered into a cooperation agreement, which include customary standstill and voting commitments.
Congratulations to John Gainor and Kenneth Tuchman on their new appointments!
