Pinnacle Foods' Stock Drops As CEO Set To Leave

Pinnacle Foods Inc.'s stock slumped 2.4% in premarket trade Wednesday, after the consumer foods company said its chief executive officer, Robert Gamgort, will leave the company at the end of April. Gamgort will be assuming the CEO role of single-serve coffee company Keurig Green Mountain, which was taken private earlier this year by JAB Holding Co. Pinnacle said it was evaluating external and internal candidates to replace Gamgort, and expects to the search to conclude in time for a "seamless" transition. Pinnacle's stock has surged 8.5% year to date through Tuesday, while the S&P 500 has ticked up 0.3%.