Lamb Weston appoints AB InBev veteran Craps as executive chair
Frozen potato processor adds seasoned beverage executive to accelerate 'Focus to Win' cost-cutting strategy
Lamb Weston Holdings shares rose 2.3% on Wednesday after the frozen potato products company announced a leadership shake-up designed to accelerate its cost-reduction strategy. The Idaho-based processor appointed Jan Eli B. Craps as executive chair, effective February 6, and named James D. Gray as chief financial officer, starting April 2.
Craps brings more than two decades of experience from Anheuser-Busch InBev, where he most recently served as CEO and co-chair of Budweiser Brewing Company APAC. His appointment comes as Lamb Weston seeks to advance its "Focus to Win" strategy, which targets at least $250 million in annualized savings by fiscal year 2028, with $100 million expected by the close of fiscal 2026.
The new executive chair will focus on board leadership, mergers and acquisitions, governance, international market execution, and long-term strategy, working alongside chief executive Mike Smith. Craps began his career at McKinsey & Company before joining AB InBev, where he led multibillion-dollar consumer businesses across Europe, Canada, Australia, and Asia.
Gray, who will succeed current CFO Bernadette Madarieta, joins from Ingredion where he spent 12 years as executive vice president and CFO. His career also includes over a decade in finance leadership roles at PepsiCo and earlier experience at Bain & Company. Madarieta will remain in an advisory capacity during the transition period.
The leadership changes arrive as Lamb Weston navigates a challenging pricing environment. The company reported 8% volume growth in its fiscal second quarter ended December 2025, but an 8% decline in price and mix essentially offset those gains, resulting in flat sales growth excluding currency effects. Despite the pricing pressure, Lamb Weston reaffirmed its fiscal 2026 financial targets of $6.35 billion to $6.55 billion in net sales and adjusted EBITDA of $1.00 billion to $1.20 billion.
Shares of Lamb Weston have retreated from a 52-week high of $66.12 reached last year, trading at $47.34 on Wednesday. The company's market capitalization stands at approximately $6.3 billion. Analysts maintain a cautiously optimistic outlook, with an average 12-month price target of $54.64, suggesting roughly 15% upside from current levels, according to consensus data.
The frozen potato processor faces broader industry headwinds as food companies adjust to changing consumer demand and input cost fluctuations. Lamb Weston's product portfolio includes french fries and other frozen potato products sold to restaurants, retailers, and food service operators in more than 100 countries.
In a move to return value to shareholders, Lamb Weston increased its quarterly dividend by 3% to $0.38 per share in December, payable February 27. The company's shares currently offer a dividend yield of approximately 3.2%.
The addition of Craps and Gray signals a more aggressive approach to operational efficiency and international expansion at a time when the frozen foods sector faces intensifying competition. Their combined experience in global consumer goods, strategic transformations, and financial management aligns with Lamb Weston's objectives under its Focus to Win initiative.