Jan Craps, 48, joins the company in the newly created executive chair role after serving as the chief executive of Budweiser Brewing APAC. His appointment comes as Lamb Weston restructures its board following a cooperation agreement with Jana Partners and Continental Grain. As part of this realignment, Bradley Alford, who joined the board last year, will transition from chairman to lead independent director.

The financial leadership of the french-fry producer is also seeing a transition. James Gray, 59, will officially take over as finance chief on April 2. Gray recently announced his retirement from the ingredients manufacturer Ingredion and will succeed Bernadette Madarieta, who has held the CFO post since 2021. Madarieta is scheduled to remain in her position until April 1 to facilitate the leadership handover.

Compensation and Governance Strategy

According to company filings, Gray will receive an annual base salary of $825,000, complemented by a performance-based bonus target of 100% of his base pay. The recruitment of external veterans from the beverage and ingredients sectors reflects a broader effort to bring fresh perspectives to the company’s executive suite.

This leadership refresh is the latest development in a series of governance changes at Lamb Weston. Alford was one of six independent directors added to the board last year to satisfy investor concerns regarding the company's market positioning. By streamlining its executive structure, the company aims to improve operational efficiency and restore long-term shareholder value in a competitive global market.