Last month, International Multifoods
Swander, a two-year company veteran, was sent packing with kind words -- fair enough, as he's credited with the sale of International Multifoods' foodservice distribution business, a sensible move. Yet, there's reason to believe Costley has it covered from here: He's held important positions at Kellogg
We also got a look at what the shakeup at International Multifoods -- responsible for the Hungry Jack product line, among others, and which licenses Pillsbury from General Mills
That's a pretty significant chunk of change, and there's sure to be more down the road. Even so, it's encouraging to see the company -- already focused on streamlining operations and exiting marginal businesses -- taking further steps to improve its long-term competitive position and fire up growth.
Should the company maintain profitability and deliver the free cash flow it's predicted, International Multifoods should have time to commit to whatever strategy Costley chooses. That the shares, sitting near 52-week lows, ticked up slightly in morning trading suggests that investors also believe that the company's first steps are in the right direction.
Dave Marino-Nachison can be reached at email@example.com.