News
CEO Change · Conagra · Consumer Packaged Goods · Executive Leadership
Conagra Brands (NYSE:CAG) appointed John Brase as its new President and Chief Executive Officer, effective June 1, 2026, succeeding Sean Connolly, who departs after over a decade, as the company navigates recent financial challenges including a 23.5% year-over-year EPS decline.
Brase brings over 35 years of consumer goods experience, most recently serving as President and Chief Operating Officer of The J.M. Smucker Co., where he oversaw significant business segments and functions. His extensive background also includes approximately 30 years at Procter & Gamble, culminating as Senior Vice President and General Manager of P&G’s $6 billion North America Family Care business.
Richard H. Lenny, Independent Chair of Conagra’s Board of Directors, highlighted Brase's exceptional track record in driving top- and bottom-line performance and building brands. This leadership change occurs as Conagra faces a challenging operating environment, evidenced by its third-quarter fiscal 2026 earnings per share of $0.39, which missed consensus estimates and represented a 23.5% decline year-over-year.
Despite a 2.4% organic sales growth, the company experienced weaker-than-expected margins and narrowed its fiscal 2026 guidance. Analysts from UBS, Stifel, Evercore ISI, and RBC Capital have lowered price targets for Conagra, citing margin pressure and cost concerns.
Jefferies maintained a Hold rating with a $15.00 price target. Conagra, with fiscal 2025 net sales of nearly $12 billion, aims to leverage Brase's expertise to address these financial headwinds and capitalize on robust performance in its snacks and frozen categories.
