After years of stock declines, Conagra Brands Inc. named a new chief executive officer as the food company seeks to regain momentum and win back investors.
The Chicago-based company, which makes Slim Jim jerky and Birds Eye frozen foods, said Monday that CEO Sean Connolly will step down at the end of next month and be replaced by consumer goods veteran John Brase, on June 1.
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Brase, 58, most recently served as the president and chief operating officer of JM Smucker Co., which he joined in 2020. He previously spent roughly 30 years at Procter & Gamble. At Smucker, Brase oversaw the company’s retail coffee, its frozen handheld products, including the booming Uncrustables business and pet food, among others. He left Smucker in February.
“I look forward to accelerating the company’s track record of driving strong revenue growth, strengthening margins and generating robust cash flow to unlock the full potential of its brands,” Brase said in a statement Monday.
Conagra’s shares fell as much as 3.4% on Monday. The stock had fallen 12% in 2026 through last week, following annual declines in four of the past five years.
Brase will join Conagra, the biggest frozen food manufacturer in North America, at a difficult time for the food industry. Consumers looking for healthier, less processed food are steering away from the packaged options in the middle of the store. Years of inflation have also made them more price-conscious, and increased companies’ costs. Conagra has also faced expenses from tariffs, particularly on the tinplate steel it uses for canned goods.
The company had lowered prices in some of its frozen foods and snacks to boost volume, saying consumers were worn down by the long cycle of inflation. In its third-quarter earnings earlier this month, the company reported growth in organic net sales in its grocery and snacks category, as well as in refrigerated and frozen foods, but was hit by lower trading revenue at its joint venture Ardent Mills, a flour-milling and ingredients firm.
“We see leadership change as constructive given the need for fresh thinking amid a challenged Food backdrop,” Jefferies analyst Scott Marks wrote in a note Monday. Brase’s background is well-suited for Conagra “as it works through a multiyear transformation, rebounding from supply chain issues and amid pressured consumers, uneven volumes, and rising demands on execution.”
The departure of Connolly, 60, had been telegraphed by the board, which said in a letter last year that it had started the process of looking for the company’s next leader.
Connolly, who joined Conagra 11 years ago, will step down from his role and the board on May 31. Despite his strategy to sell off some poor-performing brands and focus the company on food, Conagra’s stock is down 60% over his tenure.
The company said the financial guidance provided earlier this month remains in place.
Brase’s compensation includes a relocation stipend of as much as $500,000, according to company filings. Conagra also said it expects to reach an agreement with Brase under which he would reimburse Conagra for personal use of company aircraft beyond $150,000 per year.
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