The following management changes will all be effective November 1, 2014.
William P. Stiritz, who has served as Chairman and Chief Executive Officer since Post separated from Ralcorp Holdings, Inc. in 2012, will continue with Post's executive team in the newly-created role of Executive Chairman. In connection with this new role, Mr. Stiritz's employment agreement was extended to October 2017.
Robert V. Vitale has been named President and Chief Executive Officer. Mr. Vitale has served as Post's Chief Financial Officer since its formation in October 2011. Mr. Vitale has also been named to Post's Board of Directors.
Terence E. Block, currently President and Chief Operating Officer, has decided to retire from Post. Mr. Block will also retire from Post's Board of Directors. "Terry was instrumental in our start-up phase as we separated from Ralcorp. I understand his decision and I wish him very well as he enters this stage of life," said Bill Stiritz.
In commenting, Mr. Block said, "It has been very satisfying to have worked alongside a talented leadership team and take what was an underperforming business and in less than three years build a diversified consumer goods enterprise with improved growth prospects. This is an opportune time to transition out of the business and I wish Bill, Rob, and the team continued success."
Post is reorganizing around three distinct groups. Post's newly formed Consumer Brands Group includes the legacy Post Foods cereal operations as well as the recently acquired active nutrition businesses of Premier Nutrition Corporation, Dymatize Enterprises and the PowerBar and Musashi brands. James L. Holbrook has been named President and CEO of the Consumer Brands Group. Mr. Holbrook has served as Post's Executive Vice President, Marketing since October 2011 and as President, Post Foods since January 2014.
The Michael Foods Group is now comprised of the Michael Foods' egg, cheese and potato businesses, which Post acquired in June 2014, and Dakota Growers Pasta Company, acquired in January 2014. It will be headed by James E. Dwyer, Jr. as President and CEO. Mr. Dwyer has led Michael Foods since 2009.
Messrs. Holbrook and Dwyer have also been named Executive Vice Presidents of Post Holdings, Inc.
Post's remaining businesses, consisting of Golden Boy Foods and Attune Foods, will comprise the Private Label Group. This Group will report directly to Mr. Vitale.
"The most valuable asset a company can have is a management team capable of adapting to a changing environment," said Bill Stiritz. "I feel very confident moving into the next stage of our development. This team is among the best I have seen."
Commenting on the changes, Rob Vitale said, "I appreciate the confidence that Bill and the Board have shown in this team. Post's prospects are exciting. Under Jim Holbrook's leadership Post Foods has made remarkable progress and adding the active nutrition brands to Jim's group gives him the ability to deploy the resources of the Post organization against a larger opportunity. Meanwhile, under Jim Dwyer, we have one of the premier foodservice businesses in the country in Michael Foods, with exciting expansion opportunities. I look forward to working with Bill, Jim and Jim to build upon Post's great history."