Paul Sturman takes over for Steve Cahillane at vitamin maker
NEW YORK — Steve Cahillane, president and chief executive officer of The Nature’s Bounty Co., is leaving the company to become chairman and CEO of Kellogg Co.
Kellogg said Thursday that Cahillane is slated to take the CEO reins of the global cereal and snack company and join its board of directors on Oct. 2. He succeeds John Bryant, who is retiring. Cahillane also will succeed Bryant as chairman. Plans call for Bryant to continue as executive chairman until March 15, 2018, at which time Cahillane will assume the role of chairman.
Meanwhile, Nature’s Bounty also named a new chief executive on Thursday in announcing the completion of its deal making global investment firm KKR majority owner.
Consumer health care veteran Paul Sturman takes over as CEO of the vitamins and supplements maker from Cahillane upon the closing of the transaction with KKR, which was announced in July. KKR acquired the majority stake from The Carlyle Group, will retain a significant interest in The Nature’s Bounty Co., whose brands include Nature’s Bounty, Sundown Naturals and Osteo Bi-Flex.
“I am honored to join the team at Nature’s Bounty and to lead this impressive platform,” Sturman said in a statement. “There are tremendous opportunities to grow Nature’s Bounty’s footprint in this rapidly expanding global wellness industry, and I look forward to working with the many talented people at Nature’s Bounty to provide the company’s valued customers with the world’s best health and wellness offerings.”
Sturman brings to Nature’s Bounty more than 30 years of experience in consumer health care, including at Pfizer, Johnson & Johnson and Warner-Lambert.
He spent six years leading Pfizer’s consumer health business (formerly Wyeth), one of the world’s largest over-the-counter health product companies, including such brands as Advil, Centrum, Chapstick, Nexium 24Hour, Robitussin and Emergen-C. He also served as president of Johnson & Johnson’s North American Consumer Health Care business, where he oversaw more than 30 brands, including Listerine, Band-Aid, Stayfree, Monistat, Rogaine, Neosporin and Visine. Sturman, too, previously served as chairman of the Consumer Health Products Association (CHPA).
“Paul is a very well-regarded leader in the consumer health care space, having grown and transformed several companies and brands over the years,” commented Nate Taylor, head of consumer retail at KKR. “He’s a great fit to lead Nature’s Bounty in its next stage of growth.”
Cahillane has served as Nature’s Bounty president and CEO since joining the company in September 2014. He also has been on Nature’s Bounty’s board since that time.
“It has been such a privilege to lead Nature’s Bounty over the last three years,” he stated. “Leaving the company was a very hard decision for me. However, I rest assured seeing the growth trajectory Nature’s Bounty is on and how it is poised for success in the experienced hands of Paul Sturman. I look forward to seeing great things from Nature’s Bounty in the future.”
Before joining Nature’s Bounty, Cahillane was president of Coca-Cola Americas, which includes the beverage giant’s North American and Latin American operations. Prior to that, he served as president and CEO of Coca-Cola Refreshments and president of Coca-Cola Enterprise’s North American business.
Through his tenure at Coca-Cola, much of Cahillane’s career was spent in the beverage industry in North America and Europe. He began as a sales representative for E&J Gallo Winery, serving in several sales positions before becoming General Manager. In 1995, he founded State Street Brewing Co. in Chicago, which he owned until 1997, when he sold the business and joined Coors Distribution Co. as vice president and general manager. He joined InBev in 1999, serving as vice president of U.S. sales until 2001, when he was promoted to CEO of Labatt USA.
“Kellogg is an incredible company with a rich legacy and iconic brands that are beloved around the world,” Cahillane commented about his new post. “It will be my privilege and honor to work with such a talented group of employees as we pursue the tremendous growth opportunities before us.”
Bryant has served as Kellogg president and CEO since January 2011 and as chairman since July 2014. He has been a member of Kellogg’s board since July 2010. A longtime executive at Kellogg, Bryant joined the company in 1998 and held a range of roles, including chief financial officer, North America president, international president and chief operating officer.
“It has been my pleasure to serve as the CEO of Kellogg Co. over the past seven years. I am even more confident in the future of our company today than at any other time in my 20 years with Kellogg. I’ve decided that the time is right to hand over the reins to a new leader who can continue the transformation of this great company,” Bryant stated.
“Steve has a tremendous history of success as the CEO of Nature’s Bounty, a health and wellness company,” Bryant commented about his successor, “as well as in senior leadership roles around the world at blue-chip consumer packaged goods companies including Coca-Cola and AB lnBev.”