Milling & Baking News - July 17, 2018 - 12

Business

Dunkin' Brands names Hoffmann
to succeed Travis as c.e.o.
CANTON, MASS. - David Hoffmann has been named chief executive
officer of Dunkin' Brands Group, Inc.
He succeeds Nigel Travis, who will
transition to an executive chairman
role and remain involved with the
company. Mr. Hoffmann will serve on
the company's board of directors and
remain president of Dunkin' Donuts
U.S., a role he has held since he joined
the company in October 2016.
Previously, Mr. Hoffmann was
president of High Growth Markets
at McDonald's Corp. As president of
Dunkin' Donuts U.S., he has led all aspects of the brand's operations, supply
chain, marketing, consumer packaged
goods growth, digital innovation and
franchise development and directed
the creation of the Dunkin' Donuts
next-generation concept store.
"When we recruited Dave to
Dunkin' Brands 18 months ago with
the intent that he would succeed me as
c.e.o., we knew that we were getting

a world-class leader with extensive restaurant industry expertise,
and he has exceeded all of our expectations," Mr. Travis said. "From
his development and
implementation of the
Dunkin' Donuts U.S.
Blueprint for Growth,
to the relationships he
has forged with our
franchisees and the talent management skills
Hoffmann
he has exhibited, Dave
has demonstrated he is exactly the
person to lead the next phase of our
global growth. I look forward to supporting him in his new role and am
confident that under his leadership
Dunkin' Brands will continue to meet
the needs of our franchisees, our employees, our shareholders and, most
importantly, our guests."
Mr. Travis is retiring after more
than nine years as c.e.o. of the company. He led Dunkin' Brands to

Cargill net earnings in fiscal 2018
jump behind strong fourth quarter
MINNEAPOLIS - Adjusted operating earnings for Cargill increased
6% to $3.2 billion in the fiscal year
ended May 31, which was up from
$3 billion in the previous fiscal year.
Growth was especially impressive in the fourth quarter as adjusted operating earnings rose 76%
to $809 million from $460 million,
net earnings of $711 million more
than doubled from the $347 million
in the previous year's fourth quarter, and revenues increased 7% to
$30.4 billion.
In the fiscal year, net earnings rose
9% to $3.1 billion, and revenues grew
5% to $114.7 billion. Both adjusted
earnings and net earnings included a
provisional net charge of $86 million
related to the U.S. Tax Cuts and Jobs
Act enacted in December of 2017.
Three of the company's four business segments posted stronger earnings when compared to the previous
fiscal year.
Earnings in Food Ingredients &
Applications rose for a third straight
year thanks to performance in cocoa
and chocolate, gains in Asia-based
ingredients and global edible oils,
and earnings across global starches
12 / July 17, 2018

Milling & Baking News

and sweeteners. In the fourth quarter, lower ethanol prices and higher
plant maintenance expenses in a few
product lines contributed to a small
decrease in profitability.
Results in Animal Nutrition & Protein surpassed last year's results. The
segment was the largest contributor
to Cargill's adjusted operating earnings in the fourth quarter and full
year. Rising domestic and
export demand for North
American beef and expansion in value-added egg
products fueled the performance of the protein
business. Excess supplies of chicken
relative to domestic demand in Thailand contributed to a moderate decrease in global poultry results.
The Origination & Processing segment put up its best fourth quarter
in seven years to exceed last year's
quarterly and annual results. For
most of the fiscal year, big crops,
building stocks and low market
volatility muted rising demand for
grains and oilseeds. The situation
changed toward the end of the year
as drought in Argentina and other
markets began to influence global

complete a successful initial public
offering in 2011 and guided the company through dramatic growth as it
entered 25 new international markets and added almost 6,000 net new
restaurants globally, including more
than 2,800 Dunkin' Donuts restaurants in the United States. He also has
directed the introduction of Dunkin'
Donuts branded packaged goods in
retail and oversaw the launch of digital technology initiatives including
mobile payment apps and home delivery programs.
"Thanks to Nigel, our franchisees
around the world have flourished, our
asset-light model has yielded strong
shareholder returns, and we are wellpositioned for long-term growth," Mr.
Hoffmann said. "I look forward to collaborating with Nigel, the board, our
leadership team, employees and of
course our great franchisees to further
differentiate both our brands through
cutting edge marketing, menu innovation, digital leadership, value and restaurant excellence. We have a strong
legacy and an even more exciting future together." MBN
flows of corn, soybeans and related
products. The segment improved
origination, processing and trading
results in key geographies.
Results in Industrial & Financial
Services were slightly below those
of the prior fiscal year. Returns from
fund investments were lower. The
fourth quarter was softer overall.
Cargill's risk management and trade
finance activities jointly posted higher earnings.
"Our strong results show we are
creating the connections the world
needs for vibrant food
and agriculture both
today and tomorrow,"
said David MacLennan, Cargill's chairman and chief executive officer, when Minneapolis-based
Cargill gave results July 12. "Cargill
has always moved food from where
it is produced to where it is needed.
Today, we are pioneering new capabilities and partnerships to invest
for the future. We are innovating
alongside our customers to develop
healthy, delicious products made
the way consumers want. We are
working with farmers and others to
implement sustainable agricultural
practices, and we are standing up for
inclusive global trade that lets food
move freely." MBN
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Milling & Baking News - July 17, 2018

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