McCormick Announces Transition in Finance Leadership
McCormick & Company, Inc. is promoting Marcos Gabriel to EVP and CFO. He succeeds current EVP Mike Smith, who is retiring in early 2025.
Gabriel, who joined the flavor company as CFO in 2017 and later became chief transformation officer, is now serving as SVP of global finance and capital markets. Starting Dec. 1, he will head up McCormick’s global finance group and international services team.
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The executive’s background includes leadership roles at Unilever, Avon and Eli Lily across North America, Latin America and Europe. He is also a board member at the National Life Group.
Gabriel will report to McCormick’s President and CEO Brendan Foley. "Marcos is a proven global leader with over 25 years of experience in the consumer products industry. Over the last seven years, he served in key senior leadership roles at McCormick, contributing meaningfully to our track record of profitable growth and improved productivity," he remarked. "Marcos is a strategic leader and his expertise in finance, digital transformation, and business development across major multinational companies will be instrumental as we continue to advance our leadership and differentiation."
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.
