Conagra Brands announced a leadership transition Monday, effective June 1, as its board selected veteran executive John Brase to replace departing CEO Sean Connolly. The Chicago-based food company confirmed Connolly, who led the firm since 2015, will step down as president and CEO by May 31 and exit the board. Brase, 58, brings decades of experience from Procter & Gamble and most recently served as president and COO of J.

M. Smucker. His compensation package includes an annual base salary of $1.15 million and a performance-based bonus targeting 150% of his base pay.

Sources indicate the move follows strategic realignment discussions within Conagra's boardroom, though specific reasons for Connolly's departure remain undisclosed. Brase will also join Conagra's board, reinforcing its governance structure amid ongoing market pressures in the consumer goods sector.