HUNT VALLEY, Md. - McCormick (NYSE:MKC) & Company, Incorporated (NYSE:MKC), known for its wide range of spices and condiments, has announced the appointment of Valarie Sheppard to its Board of Directors, effective June 1, 2024. Sheppard, a retired Executive Vice President, Controller, and Treasurer of Procter & Gamble (P&G), is recognized for her vast experience in finance and accounting, which spans over 35 years.
During her tenure at P&G, Sheppard played a pivotal role in the financial integration of Gillette and led global finance, accounting, and treasury teams across more than 65 countries. She has held senior financial leadership roles in different P&G divisions, including Fabric Care, Home Care, and Beauty, and has worked in various international assignments in Europe and Asia.
Sheppard's extensive background also includes time spent on the boards of other public companies such as Sovos Brands, Innovation International Acquisition Corporation, and Anixter International (NYSE:AXE_old), where she contributed to Audit, Compensation, and Governance & Nominating committees. Currently, she serves on the board of Ibotta.
Brendan M. Foley, President and CEO of McCormick, expressed confidence in Sheppard's abilities, stating her global finance and commercial experience will be invaluable to the company, which operates in over 150 countries and territories. He emphasized that her addition to the board aligns with McCormick's strategic direction and governance practices.
McCormick's board continues to undergo a refreshment process aimed at maintaining a dynamic mix of skills and experiences to support the company's strategy. With Sheppard's appointment, the Board of Directors will consist of 13 members, 11 of whom are independent.
Sheppard's educational qualifications include a Bachelor of Science in Accounting and a Master's in Industrial Administration from Purdue University. This appointment is based on a press release statement from McCormick & Company.
InvestingPro Insights
As McCormick & Company (NYSE:MKC) welcomes Valarie Sheppard to its Board of Directors, the company's financial health and market performance continue to be a focal point for investors.
According to the latest data from InvestingPro, McCormick boasts a market capitalization of 19.69 billion USD, underscoring its significant presence in the global food industry. The company's Price/Earnings (P/E) ratio stands at 28.05, indicating investor confidence in its profitability despite a high valuation relative to near-term earnings growth.
An InvestingPro Tip worth noting is McCormick's longstanding commitment to shareholder returns, having raised its dividend for 38 consecutive years. This is a testament to the company's financial stability and consistent performance, even as six analysts have recently revised their earnings forecasts downwards for the upcoming period.
McCormick's revenue growth over the last twelve months as of Q1 2024 was 4.78%, demonstrating a steady increase in sales. The company's strong gross profit margin of 37.9% during the same period reflects its ability to maintain profitability in the face of various market challenges. Moreover, McCormick's dividend yield as of April 2024 stands at an attractive 2.26%, which may appeal to income-focused investors.
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