McCormick has laid out plans for a new operating model, executive team, and secondary listing location for the company.
The news follows the closing of its $40bn (€34bn) proposed merger deal with Unilever’s Foods, expected by mid-2027.
Four new divisions
Effective upon the transaction closing, McCormick is set to reorganise into four commercial divisions. These are expected to be the reportable segments of the combined company; they are as follows:
- Americas Consumer
- International Consumer
- Global Food Service
- Global Flavor
The Consumer business, which includes McCormick’s and Unilever’s retail sales of herbs, spices, seasonings, cooking aids, condiments, and sauces, will be divided into two geographic divisions.
The aim is to maximise the combined company’s reach, strengthen its global brands tailored to local markets, and elevate the combined company’s innovation and product development capabilities.
Americas Consumer will be headed up by Andrew Foust, and will have $8 billion in 2025 in annual sales across North, Central, and South America.
International Consumer will have $7 billion in 2025 annual sales across the rest of the world, including the EMEA and APAC regions. This will be led by Heiko Schipper.
Meanwhile, the Global Food Service will be led by Nuria Hernandez. This division will offer range of flavour products to operators of restaurants and in other away-from-home channels, with $4 billion in 2025 in annual sales.
The Global Flavor segment will offer customised specialty flavors, seasonings, condiments, and coatings to global food, beverage, and consumer health companies, as well as restaurant chains. Suzanne Roy will be at the helm; it will have $2 billion in 2025 in annual sales.
New executive team
Alongside the newly announced quartet of division leads mentioned above, the business has also revealed six function leaders:
- Tabata Gomez, EVP chief growth & global marketing officer
- Jennifer Han, EVP, chief supply chain officer
- Guy Peri, EVP, chief information & digital officer
- Sarah Piper, EVP, chief human resources officer
- Jeff Schwartz, EVP, chief legal officer
- Heike Steiling, EVP, chief R&D officer
These leaders will be based across McCormick’s global headquarters in Hunt Valley, Maryland and the company’s international headquarters in the Netherlands, where Unilever has had a long-standing presence.
As previously announced, Brendan Foley will remain chairman, president and CEO; and Marcos Gabriel will remain executive vice president and CFO of McCormick.
McCormick plans London Stock Exchange listing
McCormick will also seek a secondary stock listing on the London Stock Exchange in addition to its primary listing on the New York Stock Exchange. The firm has said this will facilitate capital flows and enhance overall liquidity for shareholders.
Commenting, Foley said: “We are pleased to confirm, complementing our New York Stock Exchange listing, McCormick intends to seek a secondary listing on the London Stock Exchange. This, in combination with our International Headquarters and commitment to Unilever’s world-leading R&D facilities in the Netherlands and our Global Headquarters in Hunt Valley, Maryland, reinforces the global nature of the combined operations and positions us for ongoing success.”
Deal under pressure
This news follows a shaky several months, with McCormick’s share price dropping sharply in March when rumours of the deal first circulated.
Yahoo finance reports the share price is down 23.39% year to date, reflecting a cautious mindset from stakeholders.
