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Conagra’s CEO Exit Signals A Deeper Problem In America’s Food Industry!

Conagra Brands did not just replace a chief executive; it exposed a broader strain running through packaged food. The company said Sean Connolly will step down as president and CEO on May 31 and also leave the board, with veteran consumer-products executive John Brase set to take over on June 1 after recently leaving J.M. Smucker during an executive realignment that eliminated the chief operating officer role. The change comes after a difficult stretch marked by a more than 40% decline in the stock over the last 12 months, a recent earnings miss, and guidance that pointed to full-year profit landing at the bottom end of the prior range. At the same time, Conagra is dealing with pressured consumers, uneven supermarket demand, persistent inflation, and a food environment that may be changing for reasons bigger than price.