MamaMancini’s Appoints Respected Food Industry Executive Adam L. Michaels as Chief Executive Officer

Rhea-AI Summary

MamaMancini's Holdings (NASDAQ: MMMB) announced the retirement of CEO Carl Wolf, effective September 6, 2022. Adam L. Michaels, an experienced executive from Mondelez International, will succeed him and also join the Board of Directors. Wolf will remain as Chairman. Michaels brings a wealth of knowledge in the food industry, aiming to accelerate growth through innovation and M&A. He expressed enthusiasm for MamaMancini's strong product portfolio and retail relationships. This leadership transition is expected to bolster the company's market position and enhance shareholder value.

Positive

• Appointment of Adam L. Michaels as new CEO expected to drive growth and innovation.
• Michaels' extensive experience in the food industry may enhance strategic direction.
• Wolf's continued role as Chairman ensures stability during the transition.

Negative

• Leadership change may create uncertainty during the transition period.

Carl Wolf to Retire from Position as CEO; Remain as Chairman of the Board of Directors

EAST RUTHERFORD, NJ, June 23, 2022 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB), a marketer and distributor of specialty pre-prepared all-natural foods, today announced that respected food industry executive Adam L. Michaels has been appointed as Chief Executive Officer and as member of the Board of Directors of MamaMancini's, effective September 6, 2022. At that time, Carl Wolf will retire from his position as CEO and will continue to serve as Chairman of the Board of Directors.

Adam Michaels is an experienced food industry executive and former management consultant with broad experience transforming consumer-focused companies. Previously, Adam served with Mondelez International, a multinational food and beverage company with operations in over 150 countries. Over the past nine years, he has held numerous roles with increasing responsibility at Mondelez across Supply Chain, Commercial Sales & Marketing and Strategy. Adam led Mondelez’s North American Insights & Analytics organization and was most recently responsible for M&A and Commercial for North American Ventures – a business unit comprised of high growth brands including Perfect Snacks, a refrigerated snacks brand, Hu, an ultra-simple multi-category lifestyle brand, and Tate’s Bake Shop, a premium cookie brand, among others. Before joining Mondelez, Adam was a Principal at Booz & Company, a management consulting firm, for seven years where he specialized in the Food & Beverage sector. He started his career at Capital One Financial and holds an MBA in Marketing & Management from Columbia Business School, as well as a BSE in Bioengineering from the University of Pennsylvania.

“We are privileged to have an executive of Adam’s tenure take the reigns as CEO, bringing a deep understanding of the food industry and an impressive track record of achievements at Mondelez,” said Carl Wolf, Chairman of MamaMancini's. “He has a clear passion for consumer needs and a deep understanding of the full food & beverage value chain. His experience across channels and store aisles fits well with the next phase of our business, as we seek to accelerate the company’s growth through innovation and M&A. His early career foundation in operations and proven achievements in margin control and management, along with his leadership in sourcing emerging brands, will be critical to our ambitions for the future. Adam will be instrumental in leading us as we move on to our next stage as a national platform company.

“It has truly been an honor to serve as CEO of MamaMancini's, and I want to offer my sincere thanks to our employees whose hard work and dedication have allowed us to achieve so much. I look forward to providing continued guidance as Chairman of the Board of Directors. I am confident Adam is the executive best suited to guide our company into the future and I look forward to working closely together with him to ensure a smooth transition and continued shareholder value creation,” concluded Wolf.

Adam Michaels added: “I was drawn to MamaMancini’s origin story, its high-quality, great-tasting products, and its strong retail customer relationships. MamaMancini’s innovative product portfolio is well positioned to capitalize on the evolving consumer habits post-COVID. Carl’s tenure and achievements as CEO have positioned the company with a national distribution network and incredible penetration across retail channels. This progress, paired with exciting product innovation and accretive acquisitions, has positioned the Company for continued success in the years to come. I am thrilled to have the opportunity to partner with our leadership team to lead MamaMancini’s into the next exciting phase in its growth trajectory.”

About MamaMancini’s Holdings, Inc.

MamaMancini's Holdings, Inc. (NASDAQ: MMMB) is a marketer and distributor of specialty pre-prepared, all-natural foods. MamaMancini’s broad product portfolio consists of meatballs, meatloaf, sausages and pasta bowls with beef, turkey, chicken and pork varieties – as well as an assortment of chicken-based dishes, olives, savory products and salads through its T&L Creative Salads and Olive Branch subsidiaries. The Company’s products are sold in over 45,000 locations nationwide, including at regional delis and well-known retailers such as Sam’s Club, ALDI Markets, Schnuck Markets, Whole Foods, Publix, ShopRite, Stop & Shop, Costco and Albertsons – as well as through national distributors such as Sysco and United Natural Foods. The Company also maintains a direct-to-consumer presence on QVC. For more information, please visit www.mamamancinis.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2022 and other filings made by the Company with the Securities and Exchange Commission.

Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ Group - MZ North America
(949) 259-4987
MMMB@mzgroup.us
www.mzgroup.us

FAQ

Who has been appointed as the new CEO of MamaMancini's Holdings (MMMB)?

Adam L. Michaels has been appointed as the new CEO, effective September 6, 2022.

What will Carl Wolf's role be after retiring as CEO of MamaMancini's (MMMB)?

Carl Wolf will continue to serve as Chairman of the Board of Directors.

What experience does Adam L. Michaels bring to MamaMancini's Holdings (MMMB)?

Adam Michaels has extensive experience in the food industry, having worked at Mondelez International and as a management consultant.

How might Adam Michaels' appointment impact MamaMancini's Holdings (MMMB)?

His leadership is expected to accelerate growth and innovation at MamaMancini's Holdings.

When is Carl Wolf retiring from his position as CEO of MamaMancini's Holdings (MMMB)?

Carl Wolf is retiring from his position as CEO on September 6, 2022.