Dylan Lissette, CEO of Utz Brands, will be stepping down from his leadership post at the Hanover, PA-based snack firm, effective December 15, 2022. Joining the company as chief executive at that time will be Howard Friedman, currently COO of Post Holdings, Inc. and former chief executive of Post Consumer Brands. Friedman will also become a board member of the growing snack firm. At that time, Lissette, who has been with Utz since 1995, will become executive chairman and current Utz chairman Roger Deromedi will become lead independent director of Utz’s 12-person board.
In the second quarter of 2023, Lissette will transition to the role of non-executive chairman, a move the company said was initially contemplated at the time of the merger between Collier Creek Holdings and Utz in 2020 that led the snack packer to become a publicly-traded company.
Utz said that the search for its next CEO included the consideration of both internal and external candidates, leading to the identification of Friedman as a successor to Lissette. The company was seeking an individual with the right CPG experience and expertise to lead the company as it accelerates its proven growth strategy.
In his 27 years with the company (the last nine as CEO), Lissette has been instrumental in Utz’s success and growth from a regional snack food brand to the third largest branded salty snack platform in the United States. During that period, Utz’s sales have nearly tripled to $1.3 billion and the company has completed six key acquisitions in the two-year period since the firm went public.
“I have had the honor and privilege to work for and to help lead this great company for nearly three decades. It has been immensely gratifying to see the success of our team over so many years, as Utz continues to achieve enhanced scale while never compromising the family crafted quality and great flavors that our consumers expect. Our track record of success has been incredible, and I am truly excited to transition into the role of executive chairman and to welcome Howard to our team,” the 50 year old executive noted. “Passing the baton to Howard as the company’s next CEO is the start of an exciting new chapter for Utz. Utz has only had six CEOs over the past century, and we recognize the importance of finding the right person to lead the company and uphold our deep company heritage and culture. Not only is Howard an experienced, capable leader, but he also has tremendous passion for our brands. This is an exciting chapter for me personally as well, and I’m looking forward to remaining actively involved in guiding the company as executive chairman of the board after December 15. We have the best team in the business, and I can’t wait to see what we achieve next.”
Friedman has more than 25 years of experience in the food and beverage sector. Prior to his stint at Post, he worked for Kraft Heinz for more than 20 years, ultimately becoming executive VP of the company’s refrigerated (meat and dairy) unit, the company’s largest division. He holds a B.A. from Dickinson College and an M.B.A. in marketing and finance from New York University’s Stern School of Business. Friedman also served in the U.S. Army and completed his duties as a captain.
“I am honored to join Utz as CEO at this important time, and I see enormous potential to continue Utz’s exciting journey. I am confident that, with such a values-driven, passionate organization, and a portfolio of iconic snacks beloved by families across the U.S., Utz is just getting started. I am eager to start this new chapter and work with Dylan, the Utz leadership team, and the board to drive value, expand the company’s reach, and deliver growth as we produce world-class product innovation and the flagship snacks consumers have connected with for more than a century,” Friedman stated.
Deromedi added, “We are pleased to welcome Howard as our next CEO after a thorough search and succession planning process. Howard is an exceptionally strong leader with the skills, experience, and perspective to execute our strategy and lead Utz to succeed well into the future. We are also fortunate to have Dylan as an integral member of the board, building on both his legacy of successful leadership at Utz, as well as the Rice and Lissette’s continuing and significant ownership stake in the company.”
Also commenting was Michael Rice, Utz chairman emeritus and previous Utz CEO of more than 30 years. “Utz has been blessed with talented associates every step of the way on our journey to becoming one of the largest salty snack companies in the country. With the foundation that Dylan and the team have built, and now under Howard’s leadership, I feel we have tremendous continued growth potential. The Utz team continues to strengthen our nationwide capabilities, and our associates always amaze me with their passion for creating the best snack foods in the industry. With Dylan as the chairman of the board and Howard leading the business, I anticipate continued success long into the future.”
On October 3, Utz also reaffirmed its fiscal year 2022 financial outlook, which it last updated on August 11, 2022. For 2022, the company continues to expect total net sales growth of 13-15 percent with organic net sales increasing 10-12 percent, and adjusted EBITDA growth of 2-5 percent.