Lamb Weston Taps AB InBev Veteran Jan Craps for Pivotal Executive Chair Role

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Bringing Global Expertise to the Table (Image Credits: Unsplash)

Eagle, Idaho – Lamb Weston Holdings Inc., a leading supplier of frozen potato products, named Jan Craps, a seasoned executive from beer powerhouse AB InBev, to the newly created position of executive chair, effective February 6, 2026.[1][2]

Bringing Global Expertise to the Table

Jan Craps brings more than two decades of experience at AB InBev, the world’s largest brewer, to Lamb Weston’s boardroom. He most recently served as co-chair of Budweiser APAC starting in February 2020 and held prior roles including chief executive officer positions within the organization.[3] In his new role, Craps will prioritize board leadership, mergers and acquisitions, governance, oversight of international markets, and the company’s long-term strategy.[1]

The appointment signals Lamb Weston’s intent to leverage Craps’ international acumen amid expanding global demand for frozen potato products. Craps expressed enthusiasm for the move, stating, “I have a strong admiration for Lamb Weston as one of the premier foodservice companies in the world. I look forward to partnering with Mike to capitalise on the strong opportunity in front of us to drive shareholder returns in this attractive, growing category.”[1]

Navigating Profit Pressures and Activist Scrutiny

Lamb Weston has encountered headwinds in recent quarters, with softer restaurant traffic impacting sales and profitability. Net income for the fiscal year ended May 25 plunged 51 percent to $357.2 million, while net sales held steady at $6.45 billion. Adjusted net income fell 35 percent to $478.6 million.[1]

Activist investor Jana Partners acquired a stake in October 2024 and voiced concerns over “self-inflicted mis-steps.” The firm pushed for changes, including a potential sale, and welcomed board adjustments in June 2025. Lamb Weston’s December 2024 promotion of COO Mike Smith to president and CEO drew mixed reactions from the investor.[1] Still, the company pressed forward with its “Focus to Win” strategy, targeting at least $250 million in savings to enhance profits and cash flow.

Comprehensive Leadership Refresh

The executive chair appointment forms part of a broader shake-up at the top. Former PepsiCo executive James D. Gray will assume the chief financial officer role on April 2, 2026, replacing Bernadette Madarieta, who shifts to an interim advisory position. Current chairman Bradley Alford will transition to lead independent director.[1][4]

CEO Mike Smith welcomed the changes, noting, “The experience and vision Jan and Jim bring to Lamb Weston will be critically important as we execute our Focus to Win strategy. I look forward to working closely with them as we prioritise markets and channels, strengthen customer partnerships, achieve executional excellence, and set the pace for innovation.”[1]

• Jan Craps: Executive Chair (Feb. 6, 2026)
• James D. Gray: CFO (April 2, 2026)
• Bradley Alford: Lead Independent Director
• Mike Smith: President and CEO

Outlook Amid Steady Guidance

For fiscal 2026, Lamb Weston maintained its forecast of net sales between $6.35 billion and $6.55 billion, with adjusted EBITDA projected at $1.00 billion to $1.20 billion. In the first half of the fiscal year through November 24, net sales rose 1 percent to $3.27 billion, though adjusted profits dipped 8 percent to $199.7 million.[1]

The leadership enhancements aim to sharpen execution in key markets and channels. A company statement highlighted Craps’ role in “help[ing] unlock the company’s potential and performance.” Investors will watch how these moves counter ongoing industry challenges.[1]

Lamb Weston’s strategic pivot underscores a commitment to resilience in the competitive foodservice sector. As Craps steps in, the focus sharpens on innovation and global expansion to deliver value for shareholders. What impact do you expect from this leadership team? Share your thoughts in the comments.