Smart Balance Inc., Paramus, N.J., said today it is changing its name to Boulder Brands Inc., moving its corporate headquarters to Boulder, Colo., and establishing two business segments.
In a statement, the company said that with the recent acquisition of Udi's, it decided to establish two reportable operating segments, Smart Balance and Natural, which will formalize the way the company plans to operate its business. Beginning with the third quarter of 2012, the move will provide "greater clarity on the new strategic focus of the company." Chairman of the Board and CEO Steve Hughes called Boulder "the Silicon Valley of natural foods."
Under the new structure the Company will eliminate the role of President and Chief Operating Officer, further stream-lining the management team. Terry Schulke, who has served as the Company's President and Chief Operating Officer, will be leaving Smart Balance to pursue other opportunities.
The Smart Balance segment will consist of its branded products in spreads, butter, grocery and milk. John Becker, who was promoted to Executive Vice President of Smart Balance, will lead the segment. Becker has been with Smart Balance since January of 2011, serving as Senior Vice President and General Manager for the Smart Balance brand. Prior to joining Smart Balance, Becker worked at Breyers Yogurt Co. from 2007 through 2010 and at Nestle from 1998 to 2007.
The Natural Brands segment will be comprised of the Earth Balance, Glutino and Udi's branded products, and will be led by TJ McIntyre, promoted to Executive Vice President of Natural Brands. Beginning with its third quarter earnings release, the Company plans to report by its new segment structure.
McIntyre has been with Smart Balance since 2009 and has served in a variety of roles, including Senior Vice President and General Manager of Glutino and Vice President and General Manager of Earth Balance. Prior to joining Smart Balance, McIntyre served as Brand Manager of Silk at White Wave Foods Company, leading up to the acquisition by Dean Foods. He is a co-founder of Pekoe Sip House, a regional tea/coffee chain in Boulder, CO.
