Driscoll, 58, has been serving as the company’s interim CEO since April, when Carl E. Lee, Snyder’s-Lance’s former president and CEO, stepped down abruptly.
According to Jim Johnston, chairman of the Snyder’s-Lance board, the directors have been impressed with the significant progress made by Driscoll in leading the management team over the past few months.
He has created “a comprehensive performance improvement plan focused on delivering greater value for our shareholders,” said Johnston.
Driscoll will receive an annual base salary of $900,000, in addition to incentive compensation plans, relocation costs, bonuses, stock options and performance shares.
He was the former president and CEO of Diamond Foods, maker of Pop Secret popcorn and Emerald snack nuts, which Snyder’s-Lance acquired in 2016. Prior to that, he was CEO of Twinkie’s producer Hostess Brands, and has held management positions at Kraft Foods.
Driscoll said he looks forward to implementing the strategic plan focused on improving the Charlotte-based company’s performance.