The Lamb Weston board of directors has appointed Jan Craps as executive chairman of the Eagle, Idaho, USA-headquartered supplier of frozen potato to restaurants and retail stores around the world, effective February 6. He brings deep international experience to the newly created role, including more than 20 years with Anheuser-Busch InBev, most recently as the chief executive officer and co-chairman of Budweiser Brewing Company APAC, and chief executive officer for Anheuser-Busch InBev’s Asia-Pacific region operations.
At Lamb Weston, he will focus on performance, board leadership, M&A, governance, oversight, international market execution and long-term business strategy alongside President, CEO and board member Mike Smith, and the company’s leadership team.
With Jan’s appointment, Bradley Alford will transition from chairman of the board to the position of lead independent director.
James Gray Named Chief Financial Officer
James “Jim” Gray will join Lamb Weston as chief financial officer effective April 2, succeeding Bernadette Madarieta, who will serve in an interim advisory capacity to ensure continuity across all financial functions during the transition period.
Gray has spent the last 12 years with Ingredion, a leading global ingredients company, where he was executive vice president and chief financial officer. His career began at Bain & Company and he has held finance leadership roles with PepsiCo for more than a decade.
“These appointments will enhance ongoing efforts led by Mike and the management team to accelerate growth and improve execution and returns,” said Alford. “I look forward to serving as lead independent director, providing independent oversight and ensuring strong corporate governance and accountability.”
“I have a strong admiration for Lamb Weston as one of the premier foodservice companies in the world,” said the incoming executive chairman. “I look forward to partnering with Mike to capitalize on the strong opportunity in front of us to drive shareholder returns in this attractive, growing category.”
“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 prioritize markets and channels, strengthen customer partnerships, achieve executional excellence, and set the pace for innovation,” said Smith. “I would also like to thank Bernadette for her leadership as CFO the last five years and contributions to Lamb Weston since our spinoff nearly ten years ago. We wish her the very best.”
Supplemental Incentive Awards
As part of the board’s continued efforts to drive performance and increase alignment between shareholders and senior management, the directors have approved supplemental incentive awards of restricted stock units and stock options with exercise prices significantly higher than the current fair market value of Lamb Weston stock to certain executive officers, including Craps and Gray.
Meanwhile, the company has reiterated its most recent guidance included in the fiscal year 2026 second quarter earnings posted on December 19, 2025. Third quarter earnings will be released on April 1.
