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David Singer, the CEO of Charlotte-based Snyder’s-Lance, will retire in May after the snack company’s annual stockholder meeting.
The company also said that Carl Lee Jr., currently president and chief operating officer at Snyder’s-Lance, will be promoted to replace Singer. Singer will also leave the company’s board of directors, although he will work as an advisor to the company through Feb. 14.
“Dave has accomplished much in his tenure at Snyder’s-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 Snyder’s 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 company’s 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 Snyder’s-Lance’s annual proxy filing. Lee received compensation of over $3.1 million.
The company’s 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 Board’s confidence in his ability to lead our company and feel confident that Snyder’s-Lance is well positioned for continued growth and success for years to come.”
