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Snyder's-Lance Inc. CEO David Singer will retire after the company's annual meeting of stockholders May 3.
Singer has served as a board director since 2003 and CEO since 2005. Carl Lee, who has been the president and chief operating officer at Snyder’s-Lance since 2010, has been named as the new CEO. Singer will serve as an advisor through February 2014 to help the transition, the company said in a news release.
"On behalf of the Board of Directors, I want to thank Dave for his many years of service and leadership to our company," said Michael A. Warehime, chairman of the board. “The Board is confident in Carl's ability and is excited that he will assume the role of president and CEO.”
In late 2010, Singer guided the Lance Inc. merger with Snyder's of Hanover Inc. Over Singer's tenure as CEO, the company's revenues and profits have more than tripled and total return to the company's shareholders compounded at an annualized rate of 11 percent. Lance Private Brands produces a number of private label and third-party snack products and earned two Category Colonel awards in 2012.
"I'm proud to have been a part of Snyder's-Lance's growth into a national snack food company with a growing portfolio of iconic brands,” Singer said.