Here’s why the Inghams (ASX:ING) share price is in focus

The Inghams Group Limited (ASX: ING) share price is on watch this morning, after the company announced the appointment of a new CEO.

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The Inghams Group Ltd (ASX: ING) share price is on watch this morning after the company announced a leadership change.

Jim Leighton will be stepping down from his roles as CEO and managing director from today, with non-executive director Andrew Reeves stepping up to fill the top job.

The chicken and turkey producer’s shares have had a good run lately. The Inghams share price climbed 5.5% last week, closing at $3.60 on Friday.

New CEO on the block

It will be interesting to see how the Inghams share price responds today following the company’s latest leadership update. Inghams’ new CEO comes with plenty of experience including his most recent role as CEO of George Weston Foods.

He has also held managing director roles at such companies as Lion Nathan Limited, Coco-Cola Amatil Ltd (ASX: CCL) and The Smiths Snack Food Company.

According to the company’s release, Reeves is also currently an independent non-executive director of Credit Union Australia, Netget Limited and Keytone Dairy Corporation Ltd (ASX: KTD).

In this morning’s announcement, Inghams chair Peter Bush said Leighton, who has held Inghams’ top job since 2018, has significantly improved the operations of the company in his time as CEO.

Leighton is leaving the CEO role to return to the United States due to personal reasons, said Bush.

Commentary from management

Bush thanked Leighton on behalf of the board in this morning’s announcement and reiterated the company’s faith in Reeves.

The board and I thank Jim and his family for managing the many challenges they have faced since Jim’s arrival over two years ago. Jim and his team have built a solid foundation for growth. We wish Jim and his family all the best.

Ingham’s is fortunate to have someone of Andrew Reeves’ experience and calibre on our board and in a position to become our Chief Executive Officer. His great knowledge of Ingham’s will ensure a smooth transition and no loss of momentum in the business. 

Inghams share price snapshot

2021 has been a good year on the ASX for the Inghams share price. The company’s shares are currently trading more than 13% higher than the start of the year. Inghams shares are also up 5.88% over the last 12 months.

Inghams has a market capitalisation of around $1.3 billion, with approximately 371 million shares outstanding.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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