Denali Ingredients Appoints New President and CEO; Neal Glaeser Set to Retire and Serve the Board of Directors

NEW BERLIN, Wisc., April 15, 2024 –Denali Ingredients, a leading manufacturer of custom specialty ingredients for the ice cream and frozen novelty industry, today announces it has appointed Jeremy Thompson as president and chief executive officer effective May 6, 2024. Thompson takes the helm from current president and CEO, Neal Glaeser, who will retire on Aug. 1. Glaeser retains a full-time schedule until his retirement, at which point he will shift to a consultative role as an executive advisor while continuing his role as a member of Denali Ingredients’ Board of Directors.

Glaeser’s retirement comes after a distinguished career spanning 35-years and in a wide range of senior management roles. He joined Denali Brands, the flavor innovation arm and former sister company of Denali Ingredients, as president 23 years ago. He served as catalyst for the purchase of the first Denali Ingredients facility in 2006 and championed its potential as a manufacturing arm for the Denali Brands business to make the fudge for its popular Moose Tracks® flavor of ice cream. The ingredients business grew exponentially in volume and revenue in the years following.

Orkla Food Ingredients (OFI) purchased a majority interest of Denali Ingredients in 2022, a deal that established OFI in the U.S. sweet ingredients category – already being a leading ingredients supplier to the bakery, ice cream and confectionery industries in Europe.

On his decision to retire, Mr. Glaeser said, “I joined the Denali family of companies with enthusiasm and inspired by entrepreneurial ownership who allowed for big, colorful dreams. I am very pleased that the organization retains the same entrepreneurial spirit and passion for innovation as I found it to have when I joined decades ago, and I have no doubt the team will thrive under Jeremy’s leadership.”

Thompson brings to Denali Ingredients an impressive history of growth across his 25-year career, having served the food and beverage industry in roles spanning global head of strategy, chief operating officer, chief strategy officer; and, most recently, as president of the Taste Division for Lake Mary, Fla.-based Florida Food Products (FFP). He is a certified public accountant holding a Master of Business Administration (MBA) degree and has a strong record of success navigating private equity portfolio companies through successful mergers and acquisitions. Thompson’s experience includes leadership positions at multi-billion dollar publicly traded companies and midsize privately owned food ingredient companies alike, and his resume includes driving significant double-digit growth in revenue and EBITDA at multiple organizations.

Thompson will report directly to Tor Osmundsen, Senior Vice President OFI and CEO of Sweet Ingredients, who serves as Chairman of the Board for Denali Ingredients.

“I have been fortunate to have worked with several organizations that have provided for personal and professional growth, and everything I’ve learned about Denali suggests that trend will continue,” said Thompson. “This is an incredibly well-run organization with a commitment to manufacturing excellence that is recognized on a global scale. I look forward to building upon this strong foundation as we continue a strong growth trajectory.”

For more than 15 years, Denali Ingredients has developed and manufactured ingredients primarily for ice cream and frozen desserts. Innovation has been at the core of its efforts, spearheaded by its expert food scientists and delivered through its high-quality product offerings.

“With Denali Ingredients well-integrated into OFI, our group is now targeting further structural growth in the US. Adding additional leadership talent and resource to the Denali team has been our final step in preparing for the next phase of OFI’s US expansion”, said Tor Osmundsen.

About Denali Ingredients

Denali Ingredients is a leading supplier of innovative food ingredients. Products include caramels, fudges, fruits, flavors, and flavor bases, including eggnog bases, inclusions, such as baked pieces, extruded doughs, flakes and barks, as well as stabilizer, texture, and sweetener systems. Denali manufactures ingredients for ice cream as well as other food applications. For more information, please visit www.denaliingredients.com.