Overview
- Conagra, which announced the leadership change Monday, said Brase will take over on June 1 and Connolly will depart on May 31.
- Shares fell about 5% after the news and the stock traded at or near a 52-week low, reflecting investor concern about the outlook.
- Recent results showed strain as adjusted earnings came in at 39 cents per share, sales slipped 1.9% to $2.79 billion, and fiscal 2026 guidance narrowed to about $1.70 per share.
- Board leaders highlighted Brase’s record building brands at J.M. Smucker and his 30-year run at Procter & Gamble, while analysts pointed to higher freight and packaging costs and soft volumes as key hurdles.
- Under Connolly, Conagra reshaped itself into a focused branded-food company by selling slower-growth lines such as Chef Boyardee and leaning into frozen meals and snacks.