Kenneth Keller on financial management
From B&G Foods CEO on record March results, innovation piepline and dividend · · CNBC Television
“Although we ran a little tight last year because of working capital investments, we had a plan to not just cover our dividend but also begin to reduce our leverage level, which had gotten higher than what most people were comfortable with.”
On , Kenneth Keller, President, Chief Executive Officer & Director at B&G FOODS INC, spoke about financial management during B&G Foods CEO on record March results, innovation piepline and dividend on CNBC Television.
About Kenneth Keller
In a September 2020 interview on CNBC's "Mad Money," B&G Foods CEO Ken Romanzi discussed the company's performance during the coronavirus pandemic. Romanzi stated that the company had a record sales week in March, with consumption increases of 90% in the last weeks of March versus the prior year, and consumption up 50% over the prior 11 weeks. He noted that while the company did not expect 60% growth to continue, he believed the portfolio was well-suited for a period of reduced dining out and increased remote work. Romanzi also addressed the company's dividend and leverage, stating that management and the board were committed to paying a significant portion of free cash flow as dividends and had a plan to reduce leverage. Romanzi highlighted the growth of the Green Giant brand, which he said accounted for about a third of the business and was expected to be the fastest-growing brand, with new plant-based offerings such as veggie rice and cauliflower gnocchi. He noted that B&G Foods was present in over 80% of households with at least one of its brands and was exploring cross-promotion, such as Green Giant vegetables made with Mrs. Dash seasoning. Romanzi said the company would focus on driving growth in about half a dozen brands, including Green Giant, Ortega, Mrs. Dash, and Back to Nature, while other brands remained steady cash generators.