David Singer, the CEO of Charlotte-based Snyders-Lance, will retire in May after the snack companys annual stockholder meeting.
The company also said that Carl Lee Jr., currently president and chief operating officer at Snyders-Lance, will be promoted to replace Singer. Singer will also leave the companys board of directors, although he will work as an advisor to the company through Feb. 14.
Dave has accomplished much in his tenure at Snyders-Lance, and we appreciate greatly the strong foundation that has been built under his leadership, said company director Bill Prezzano, in a statement.
Singer joined the board of Lance in 2003, and became CEO two years later, in 2005. He and Lee engineered the 2010 stock-for-stock merger of Lance and Snyders of Hanover, of which Lee was the CEO at the time.
The companies blended their management teams and boards, and the headquarters of the combined company remained in Charlotte. The merger created the companys No. 2 salty-snack maker, a company with $1.6 billion worth of revenue in fiscal 2011, and $38.7 million worth of profit.
In fiscal 2011, Singer earned total compensation of just over $2 million, according to Snyders-Lances annual proxy filing. Lee received compensation of over $3.1 million.
The companys stock was at $25.07 in late-morning trading, up less than 1 percent.
Given our firm financial and operational footing and solid succession plan, I believe now is the appropriate time to begin the transition with Carl, said Singer, in a statement. I share the Boards confidence in his ability to lead our company and feel confident that Snyders-Lance is well positioned for continued growth and success for years to come.