A maker of pantry and freezer staples, Conagra Brands sells beloved American food brands like Slim Jim, Duncan Hines, Birds Eye, Marie Callender's, and Reddi-wip to shoppers and restaurants. It began in 1919 as Nebraska Consolidated Mills, a merger of four grain mills, taking its name in 1971 from Latin words for "consolidated" and "agriculture." Fun fact: Duncan Hines was a real traveling salesman who reviewed restaurants before his name became cake mix.
Conagra COO Thomas McGough to retire by September 4, 2026; COO role eliminated
On July 24, 2026, Thomas McGough, Executive Vice President and Chief Operating Officer, notified Conagra Brands of his decision to retire no later than September 4, 2026.
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The company will eliminate the chief operating officer position upon McGough's retirement.
The announcement was made in a Form 8-K filed with the SEC on July 28, 2026.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Conagra Brands completes $500M offering of 5.400% Senior Notes due 2031
The Notes mature on August 1, 2031 and bear interest at 5.400% per year, with interest payments beginning February 1, 2027.
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On July 28, 2026, Conagra Brands, Inc. completed a public offering of $500,000,000 aggregate principal amount of 5.400% Senior Notes due 2031.
The Notes are senior unsecured obligations, ranking equally with other senior unsecured debt and effectively junior to secured debt and subsidiary debt.
The Notes were sold under an underwriting agreement dated July 21, 2026 with BofA Securities, Goldman Sachs, Mizuho Securities, and Wells Fargo Securities as representatives.
The indenture includes customary covenants, events of default, and a change of control repurchase obligation at 101% of principal plus accrued interest.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Conagra Brands reports Q4 and full-year fiscal 2026 results, announces dividend cut and FY2027 guidance
Fourth quarter fiscal 2026 reported net sales increased 3.6% to $2.9 billion; organic net sales were approximately flat.
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Fourth quarter reported diluted loss per share was $3.37, including $2.0 billion of non-cash goodwill and brand impairment charges; adjusted EPS was $0.47.
Full year fiscal 2026 reported net sales decreased 2.9% to $11.3 billion; reported diluted loss per share was $4.00; adjusted EPS was $1.72.
The company announced a dividend reduction to an annualized rate of $0.70 per share, with a quarterly dividend of $0.175 per share payable September 2, 2026.
Fiscal 2027 guidance: organic net sales change of (3)% to (1)%, adjusted operating margin between 10.0% and 10.5%, and adjusted EPS between $1.40 and $1.50.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Conagra appoints John Brase as President and CEO, effective June 1, 2026, succeeding Sean Connolly.
Sean Connolly will cease as President, CEO, and Board member on May 31, 2026, after over a decade of leadership.
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John Brase will become President and CEO and join the Board and Executive Committee on June 1, 2026.
Brase's compensation includes a $1.15 million base salary, 150% target bonus, $7.3 million annual equity target, and sign-on awards totaling $6.2 million.
Brase previously served as President and COO of The J.M. Smucker Company and spent about 30 years at Procter & Gamble.
Connolly is eligible for separation benefits under his 2018 letter agreement, subject to a release and one-year non-compete.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Conagra Brands reports Q3 FY2026 results; organic net sales up 2.4%
Reported diluted EPS was $0.42, up 40.0%; adjusted EPS was $0.39, down 23.5%.
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Reported net sales decreased 1.9% to $2.8 billion; organic net sales increased 2.4%.
Reported operating margin was 10.0%; adjusted operating margin was 10.6%.
Company narrows FY2026 guidance: organic net sales near midpoint of (1)% to 1% range, adjusted operating margin near high end of ~11.0% to ~11.5%, adjusted EPS approximately $1.70.
Net debt reduced to $7.3 billion, down 10.1% year-over-year; net leverage ratio 3.83x.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Conagra expands board to 12, appoints John Mulligan and Pietro Satriano as independent directors.
Mulligan will serve on the Human Resources and Nominating Corporate Governance Committees; Satriano will serve on the Audit/Finance Committee.
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On February 18, 2026, Conagra Brands' Board increased its size from 11 to 12 directors and appointed John Mulligan and Pietro Satriano to fill the vacancies, effective immediately.
Both new directors are deemed independent under NYSE listing standards and the Company's Corporate Governance Principles; Satriano is also deemed financially literate under SEC regulations.
Neither director was selected under any arrangement with the Company or any other person, and no disclosable transactions exist under Item 404(a) of Regulation S-K.
As non-employee directors, each will receive a prorated cash retainer and a prorated annual equity award; on March 2, 2026, each will be granted RSUs valued at approximately $60,000.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements