Foley thanked Smith for his dedication to the company during his successful tenure. "Mike has been an integral leader for McCormick for more than three decades. Since he stepped into the role as CFO, sales grew at an industry leading pace of over 50% and we delivered significant shareholder value. His strategic leadership and focus on value creation have been instrumental in driving top-tier organic growth and the successful acquisition of iconic brands like Frank's RedHot, French's, and Cholula in addition to the FONA flavor business," he said.
Also this week, McCormick released its latest financial results. For the second quarter ending May 31, the company’s sales dipped 1% on a year-over-year basis and its operating income rose from $222 million to $234 million.
With over $6.5 billion in annual sales throughout 150 countries and territories, the Hunt Valley, Md.-based company manufactures, markets and distributes herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Its brands include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti.