The manufacturer also said it has faced “difficult challenges” that have weighed on first-quarter earnings.
Lee, 57, had been with the company for almost 12 years.
The company said in a statement it will launch a national search for a permanent replacement for Lee, adding Driscoll is a “strong candidate” for the position.
“With increased focus on margin expansion and profitable growth, we are confident that Brian has the skills to address some of the recent performance challenges, as well as drive the company to a level of profitability more in line with the expectations of our shareholders,” said
The company did not say whether its recent financial performance was the reason for Lee's early retirement.
In a research note Monday, SunTrust analyst
“We are surprised by the timing of the departure as we spent a fair amount of time with Carl over the last few months and we had expected that he would stick around for the next few years,” Chappell said.
For the first quarter,
“Increased investments in promotional and marketing spending combined with gross margin pressure had an adverse effect on our performance and more than offset the benefits of synergy delivery related to the
“To me, it's a sign of an active board that they take such a step,” Elson added. “When a CEO goes, all kinds of questions, problems come out of the woodwork that the board will have to respond to.”
Snyder's — known for
Lee was the CEO of
As CEO last year, Lee made
Driscoll was CEO of Diamond until
After dropping nearly 20 percent earlier in the day, the company's shares finished down 15.43 percent at
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