Utz Brands announced that CEO Howard Friedman will depart from the company, effective November 30, 2026. This leadership change is contingent upon the closing of the previously announced merger transaction, which will take the company private. Current board member B. John Lindeman has been offered the position of CEO of the post-closing entity, with a contemplated start date of November 30, 2026.
Key Details
- CEO Departure: Howard Friedman's departure as CEO and board member is contingent on the closing of the company's go-private transaction and is not the result of any disagreement with the company.
- Successor Appointed: B. John Lindeman, a current Utz Board member, was offered the CEO role of the post-closing company (Utz Brands Holdings, LLC) via a letter agreement dated October 29, 2026.
- New CEO Compensation: Mr. Lindeman's proposed compensation includes a $1.7 million annual base salary, a target annual cash bonus of $300,000, and a $500,000 bonus upon the appointment of a permanent CEO within 18 months.
- Transaction Context: The changes are tied to the pending merger with an affiliate of Intersnack Group GmbH & Co. KG. A special stockholder meeting to approve the transaction is scheduled for November 13, 2026.