United Natural (UNFI) Promotes CEO To Chairman, Stock Up
Zacks Investment Research | Nov 01, 2016 09:45PM ET
United Natural Foods Inc. (NASDAQ:UNFI) gained almost 3% on Nov 1 after it announced top-most managerial changes in order to maximize efficiency. The company announced that it will promote its current President and Chief Executive Officer (CEO), Steven L. Spinner to the post of Chairman. Spinner will assume his new role effective Dec 2016, following the company’s annual meeting of stockholders.
Spinner will replace Michael S Funk, who is also the co-founder of United Natural and was the former CEO of the company. He has served in his current role since Sep 2008. Under his leadership, the company’s revenues soared approximately 142% from around $3.5 billion in fiscal 2009 to nearly $8.5 billion in fiscal 2016.
United Natural currently carries a Zacks Rank #4 (Sell). We expect the recent management changes to help United Natural enhance its top line going amid the headwinds that the grocery industry is grappling with. The grocery/supermarket business is struggling with food deflation, stiff competition, aggressive promotional environment and waning store traffic. .
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