McCormick & Company, a global leader in flavor, has announced significant changes in its leadership team and financial management. Marcos Gabriel has been promoted to Executive Vice President and Chief Financial Officer (CFO), effective December 1, 2024, while the current CFO, Mike Smith, will retire on February 28, 2025.
Under Mike Smith's leadership as CFO, sales at McCormick grew by over 50%, and the company delivered significant shareholder value. During his tenure, the company successfully acquired iconic brands like Frank's RedHot, French's, and Cholula, along with the FONA flavor business. Smith's strategic leadership and focus on value creation were instrumental in driving top-tier organic growth and leading transformation initiatives.
Marcos Gabriel, who is currently Senior Vice President, Global Finance and Capital Markets, will take over as CFO. Gabriel has over twenty-five years of experience in the Consumer Products industry and has held key senior leadership roles at McCormick for the past seven years. During his time at McCormick, he has contributed significantly to the company's profitable growth and improved productivity.
In the last financial period, McCormick reported over $6.5 billion in annual sales across 150 countries and territories. The company's most popular brands include McCormick, French’s, Frank’s RedHot, and Stubb’s. These figures showcase the company's global reach and position in the food and beverage industry.
The press release also highlighted McCormick's commitment to sustainable growth and its vision of a world united by flavor, where healthy, sustainable, and delicious products go hand in hand.
As McCormick undergoes this change in its leadership team, it will be interesting to see how these transitions impact the company's financial performance and strategic direction in the upcoming periods. The market has reacted to these announcements by moving the company's shares -1.3% to a price of $67.67. Check out the company's full 8-K submission here.
