ConAgra Foods names new CEO; cuts outlook for 2015

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Farm Forum

OMAHA, Neb. (AP) – ConAgra Foods Inc. hired the former CEO of Hillshire Brands to lead the packaged food company, and reduced its outlook for the year.

ConAgra said Thursday that 49-year-old Sean Connolly will join the company next month to replace retiring CEO Gary Rodkin who will leave at the end of May.

Connolly led Hillshire Brands from 2012 until it was sold to Tyson Foods last August. He also previously worked at Sara Lee, Campbell’s Soups and Procter & Gamble.

ConAgra says it now expects its earnings per share between $2.13 and $2.18 for fiscal 2015 because the strong dollar has hurt profits. The labor dispute at West Coast ports has also hurt exports of ConAgra’s Lamb Weston potato products.

Analysts surveyed by FactSet were expecting earnings per share of $2.25.