B&G Foods names Robert D. Mills CEO as Casey Keller retires

What happened

B&G Foods, Inc. (NYSE: BGS), a maker of packaged foods with brands like Green Giant and Cream of Wheat, announced that Kenneth C. "Casey" Keller retired as President, Chief Executive Officer and a member of its board of directors, effective August 7, 2026.

On August 10, 2026, the company announced that Robert D. Mills, age 53, a board member since 2018, was appointed President and Chief Executive Officer, effective immediately. Mills will remain on the board but will step down from the nominating and governance committee because, as CEO, he is no longer an independent director under NYSE listing standards.

Mills previously worked at Tractor Supply Company (NASDAQ: TSCO) from 2014 to August 2026, most recently as Executive Vice President, Chief Technology Officer, Digital and Pet Services. He also held senior leadership roles at Ulta Beauty and Sears Holding Corp.

The company entered into a retirement agreement with Keller, providing salary continuation payments of $2,448,516 (200% of his annual base salary for one year), continued medical and dental coverage for one year, a $10,000 lump sum for life insurance and disability benefits, and accelerated vesting of 519,396 restricted stock shares. He also may receive pro rata performance share vesting.

Mills' employment agreement includes an annual base salary of $950,000, a $500,000 sign-on bonus payable after March 31, 2027 (subject to continued employment), a one-time grant of 134,408 restricted shares vesting in thirds through December 31, 2028, and stock options for 900,000 shares at an exercise price of $3.40 per share, the closing price on the grant date. He also receives a guaranteed $375,000 bonus for fiscal 2026 and a relocation allowance totaling $25,000 plus a temporary living and travel allowance of $4,166 per month for up to three months.

The filing does not state why Keller retired or why the company chose Mills; it only reports the decisions and compensation details.

The filing

The company filed a Form 8-K with the Securities and Exchange Commission on August 11, 2026, reporting these events under Item 5.02 (departure of directors or certain officers; election of directors; appointment of certain officers) and Item 7.01 (Regulation FD Disclosure).

Item 5.02 requires companies to disclose when a director or executive officer departs or is appointed, and to describe the terms of any compensatory arrangements. Item 7.01 covers the furnishing of press releases and other information to the public.

The 8-K also includes the full text of the retirement agreement and employment agreement as exhibits, along with the press releases that were issued on August 5 and August 10.

What this means

A Form 8-K is a 'current report' that public companies must file with the SEC within four business days of certain major events, such as a change in top leadership. It is the standard way to inform investors and the market of executive changes in near real time.

The retirement agreement's salary continuation of $2,448,516 equals two years of Keller's base salary — the filing says it reflects 200% of his annual base salary paid over one year. The accelerated vesting of 519,396 restricted stock shares means Keller will own those shares outright on his retirement date, rather than having to wait for vesting schedules.

For Mills, the compensation package is typical for an incoming CEO of a mid-sized public company: a base salary, a sign-on bonus and equity grants designed to align his interests with shareholders. The stock options have a $3.40 exercise price, and the restricted shares vest in equal annual installments through 2028, meaning Mills must remain with the company to earn them.

The appointment is effective immediately, and the company's common stock closed at $3.68 on the filing date, up 2.79% from the previous close of $3.58, though the filing does not attribute that price move to these events.

With a new CEO in place, the company's leadership transition is complete. The company has not indicated any further changes, and the employment agreement runs through December 31, 2028, with automatic one-year extensions unless terminated.