Former Hershey’s CEO Lenny Joins PE Firm FFL

May 17 2011 | 11:17am ET

Rick Lenny, former chair and CEO of The Hershey Company, has joined the San Franciso-based p.e. firm Friedman Fleischer & Lowe as an operating partner.

FFL says companies in its portfolio will benefit from the expertise of a man once named  one of the “Best CEOs in America” by Institutional Investor. In addition to providing management and operating advice to portfolio companies, both formally and as a board member, Lenny will help FFL identify and evaluate new investment opportunities in the consumer products sector.
 
“From inception, operational improvement has been a cornerstone of FFL’s investment strategy, and we are very excited to have an outstanding operator like Rick joining the firm,” said Tully Friedman, chairman and CEO of FFL. “The current competitive environment is driving consumer goods companies to reconfigure their portfolios, resulting in divestitures of units that are no longer aligned with strategy or acquisitions of businesses that can help change their growth profile. This creates a tremendous opportunity for FFL, and Rick’s deep industry knowledge and relationships will be hugely additive as we seek and evaluate potential investments.”
 
Lenny served at Hershey from 2001 to 2007, prior to which he’d held leadership positions with prominent consumer goods companies including Nabisco Biscuit Company, where he’d served as president; Pillsbury North America, where he’d also been president; and Kraft Foods, where he served in a number of senior marketing and sales positions during an 18-year tenure. He currently serves on the boards of McDonald’s Corporation, Discover Financial Services and ConAgra Foods.
 
“After meeting the team, it was clear that the professionals at FFL are extraordinary, with the knowledge and discipline to build strong businesses in the consumer products sector where I have spent my career,” said Lenny.

With approximately $2.5 billion under management, FFL focuses on U.S. middle-market companies. FFL’s investments have included Tempur-Pedic International, Milestone AV Technologies, CapitalSource, Korn/Ferry International and GeoVera Insurance Group.

 


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...