Executive Francis Schuster at Charlotte-based Snyder’s-Lance Resigns


By Charlotte Chilton, NC BIZ News

Snyder’s-Lance Inc., the Charlotte-based snack manufacturer, announced the resignation of the president of sales execution, Francis Schuster, in a filing Wednesday with the Securities and Exchange Commission.

According to the filing, Schuster will be leaving Snyder’s-Lance in order to “pursue other opportunities.” His resignation will become effective on Nov. 3 the company has not announced a successor.

Schuster was named president of sales execution in July following the promotion of his successor John Maples to chief customer officer as a part of the company’s transformation plan due to poor financial performance.

Snyder’s-Lance’s Chief Executive Officer Brian Driscoll, who stepped into the position in April, implemented a transformation plan in July that included a series of company lay-offs as well as organizational and manufacturing restructuring.

Since the transformation plan Snyder’s-Lance reported second quarter earnings that beat analysts’ estimates and total net revenue increased 3.3 percent year over year.

Snyder’s-Lance’s stock price is currently trading Wednesday at $38.71, down 2 cents since the market’s open.

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