Treehouse Foods (THS) Announces CFO Transition, Reaffirms FY22 Guidance

TreeHouse Foods, Inc. (NYSE: THS) today announced that William J. Kelley Jr. will step down as Executive Vice President and Chief Financial Officer to pursue another professional opportunity. Mr. Kelley will remain with TreeHouse through June 30, 2022 to ensure a smooth transition and will be succeeded on an interim basis by Patrick O'Donnell, Chief Accounting Officer of TreeHouse Foods. The Company has engaged an executive search firm to review candidates for a permanent chief financial officer, including both internal and external candidates.

"The transformation work and the capabilities we have built across our organization over the last several years have positioned us well to capitalize on the growing demand for private label, and I am confident that Pat will provide seamless continuity as we continue our transformation and search for a permanent CFO," said Steve Oakland, President and Chief Executive Officer. "We remain committed to serving our customers and driving growth and value for our shareholders."

Mr. Oakland added, "Bill has been an instrumental leader and I want to thank him for his partnership and many contributions to TreeHouse and wish him well in his future endeavors."

Mr. Kelley commented, "I am proud of all that we accomplished over the last six years. Our focus on commercial and operational excellence, portfolio optimization and people and talent has enabled us to create a fundamentally stronger business. I'm confident that TreeHouse is in an excellent strategic and financial position and has tremendous opportunity ahead."

Mr. O'Donnell has been with TreeHouse for the last five years and was recently promoted to Chief Accounting Officer. He previously served as Corporate Controller, and he also led Corporate Financial Planning & Analysis and served as Assistant Controller. Prior to joining the Company, Mr. O'Donnell held roles with increasing responsibility for more than 14 years at PricewaterhouseCoopers. He is a graduate of Marquette University.

In addition, TreeHouse reaffirmed its previously issued full year 2022 guidance1:

• Net sales growth of at least 11% year-over-year. Pricing actions are expected to drive the majority of the sales growth and are anticipated to be tempered by volume constraints related to labor and supply chain disruption.
• Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") of $385 to $415 million, up approximately 5% year-over-year at the midpoint. The cadence of earnings is expected to be weighted toward the second half of the year, as we expect the impact of labor and supply chain disruption on our profitability and volume to be most prominent in the first half.

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