Kodiak Cakes CEO, President Step Down, Transition into Roles on Board of Directors

Kodiak Cakes co-founders Joel Clark and Cameron Smith announced today they are stepping down from their respective positions as CEO and president of the baking mix and snack brand. They will both transition into roles on Kodiak’s board of directors.

“After 13 years of professional growth, I have decided to step down from my role as President of Kodiak Cakes. This journey has been beyond anything I thought possible, and I have bittersweet feelings leaving this brand and the great team we have built,” said Smith in a LinkedIn post.

Clark and Smith will be succeeded by the company’s incoming CEO Valerie Oswalt, who is also a member of the board. Most recently, Oswalt served as president of the snacks division at Campbell Soup Company and as an executive vice president with the company. Prior to Campbell, she was CEO of privately-held trail mix and nut products company Century Snacks.

“It is a privilege to lead a fast-growing, purpose-driven food company built on a mission to inspire healthier eating and active living,” said Oswalt in a press release. “Kodiak was founded with the belief that everyone involved is a part of the greater goal to inspire those around them to enjoy real, nourishing food, get outside, and give their best no matter the situation.”

Launched in 1995, Park City, Utah-based Kodiak Cakes debuted with a line of Power Cake mixes that “restore the whole grain tradition of the American frontier.” Today, the brand’s portfolio ranges far beyond its flagship flapjack mix, with over 80 products listed on its website. After launching microwavable single-serve baking mixes, frozen waffles and pancakes, dessert mixes, syrups and oatmeal, the company most recently entered the snacking set with graham bites and crispy granola bars.

Last year, the company sold to private equity firm L Catterton for an undisclosed amount. Kodiak Shareholders, including investor Sunrise Strategic Partners (and the fund’s partner Trilantic North America) along with Kodiak’s management team were set to remain “significant” minority shareholders following the transaction.

Kodiak Cakes described the appointment of Oswalt as “chart[ing] a new chapter of growth for the company and [building] on a number of exciting developments,” including the majority investment from L Catterton, the hiring of Cory Bayers (former head of global marketing at Patagonia) and the appointment of actor Zac Efron as Board Member and Chief Brand Officer.

“Valerie’s people-first leadership style and deep industry experience uniquely position her to lead Kodiak into its next phase of growth,” said Clark in the release. “I’m thrilled to pass the baton to […] someone who not only will continue building upon the foundation we’ve laid at Kodiak but also become a member of the Kodiak family for years to come.”

“We chose Valerie for this role because her approach to leadership mirrors those values that are so important to the culture at Kodiak. We’re confident her expertise will accelerate the growth of the company and team,” added Smith.

According to Kodiak, the company has recently cemented its status as one of the fastest-growing food brands in America with +30% topline growth in the last 52 weeks and a +60% revenue CAGR over the past 12 years. The brand’s products are currently sold in over 26,000 doors nationwide including Costco, Target, Walmart, Whole Foods, Publix and Safeway.

“I’m immensely proud of the team and business, which like all great companies, has evolved and is ready for another phase of growth,” said Smith in his LinkedIn post. “I still believe that the best is yet to come for Kodiak.”

Clark could not be reached prior to publication.