President of Smucker U.S. retail consumer foods unit steps down

by Eric Schroeder
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ORRVILLE, OHIO — Paul Smucker Wagstaff has resigned as president of U.S. Retail Consumer Foods at J.M. Smucker Co. The announcement was made as part of a Dec. 5 filing with the Securities and Exchange Commission.

Mr. Wagstaff, who also was a member of the company’s board of directors, is the great-great-grandson of company founder Jerome Monroe Smucker. He joined the company in 1996, became president of consumer foods in 2011, and had been on the company’s board since 2009. He is the son of Suzi Smucker Wagstaff and nephew of Tim Smucker, chairman of Smucker, and Richard Smucker, chief executive officer.

“Mr. Wagstaff is leaving for personal reasons and has no conflicts with the company’s management or other board members,” Smucker said in the Dec. 5 filing. “In connection with his departure, the company and Mr. Wagstaff have agreed that he will forfeit his unvested restricted stock, but will receive continuation of health benefits until April 30, 2015, and an amount equal to $1,660,700 to be paid in 18 equal monthly installments, subject to his continued compliance with the terms of his separation agreement.”

Vincent C. Byrd, president and chief operating officer, will oversee the consumer foods business until the company can find a successor to Mr. Wagstaff. Smucker said it expects to name a new president for the unit before the end of April, which coincides with the end of its fiscal 2015 year.
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