Utz Names John Lindeman CEO After Nearly $2.9 Billion Enterprise-Value Deal

Key Facts

Utz announced that John Lindeman will become chief executive of Utz Brands Holdings, the private entity to be formed after completion of the deal with Intersnack, effective December 1, 2026, subject to the agreement closing. His appointment is part of the company’s transition from public ownership to a private partnership between Intersnack and the founding family. The company scheduled a special shareholder meeting for November 13, 2026, at 9:00 a.m. Eastern Time to vote on the deal. The vote therefore precedes the announced date for Lindeman to begin his duties, while closing remains a key condition of his appointment. In an employee announcement dated October 30, Utz said it expected to complete the deal before the end of November. The schedule puts the leadership transition and deal completion within a similar timeframe.

Utz said Howard Friedman will conclude his tenure as chief executive shortly after the deal closes, with November 30 set as his expected departure date. The leadership transition thus coincides with the shift to private ownership, while Lindeman’s announced start date falls the day after Friedman’s expected departure. However, the employment letter filed with the Securities and Exchange Commission sets November 30 as the contemplated start date for Lindeman, or a later date agreed by the parties. The letter makes that date conditional on completion of the deal and satisfaction of the employment conditions set out in it. Utz’s employee announcement, meanwhile, gives December 1 as the effective date for Lindeman to take over as chief executive, subject to the deal closing. These terms make clear that his appointment depends on completion of the deal, and that the date may change under the conditions and agreement between the parties.

After closing, Intersnack and the family entities affiliated with the Rice and Listet families will split ownership equally, at 50% each, according to the proxy statement filed with shareholders. The company’s common stock will also leave the New York Stock Exchange upon completion of the deal, making Utz a private company. The company values the deal at nearly $2.9 billion in enterprise value. Utz said completion of the agreement was expected in the fourth quarter of 2026, subject to closing conditions, including regulatory and shareholder approvals. The shareholder vote scheduled for November 13 is one of the specified steps before closing. The Rice and Listet families, Dylan Listet and certain of their affiliates have also committed to vote in favor of the deal with shares representing about 42% of the common stock.

Lindeman’s annual employment letter sets a base salary of $1,700,000 and eligibility for a target annual cash bonus of $300,000. The letter also includes an additional bonus of $500,000 if he is appointed permanent chief executive before 18 months have elapsed from his start date. Lindeman himself could be the permanent chief executive, under the terms of the letter. The additional bonus ties the compensation arrangement to the timing of the permanent CEO appointment, while Lindeman’s start remains conditional on completion of the deal. These terms are part of the post-closing leadership arrangements and do not change the deal’s requirements for shareholder and regulatory approval.

Lindeman is already familiar with the company, having served on Utz’s board throughout its time as a public company, according to the filing with the Securities and Exchange Commission. Most recently, he was chairman and chief executive of Calavo Growers, and he previously served as chief executive and chief financial officer of Hydrofarm Holdings Group. Utz said he is from Pennsylvania and described his knowledge of the company as extensive. Friedman, meanwhile, led Utz for nearly four years before deciding to end his tenure after the deal closes. The company credited his leadership with expanding its presence in the natural products channel through Boulder Canyon, while continuing to improve its supply chain. The company linked Friedman’s departure to its return to private ownership, while Lindeman will take the helm after closing under the announced arrangements.