Let's pour one (milk bottle) out for The Kellogg Company, which, as of this morning, is no more. The global food giant completed its previously announced business split into two new separate entities: Kellanova (snacks, meals, bars) and The W.K. Kellogg Company (cereal). 

W.K. Kellogg and Kellanova began trading on the New York Stock Exchange this morning, and as news of the split broke, share prices began to decline. Within an hour both Kellanova and W.K. Kellogg saw their share prices drop roughly 6.2% and 8.2%, respectively. At the time of press, Kellanova is trading at $51.99 per share, while W.K. Kellogg Co is at $13.68 per share. 

Per terms of the split, for every four shares of common stock held in The Kellogg Company, shareholders received one share of WK Kellogg stock. Former Kellogg Company leader, and now Kellanova CEO and Chairman, Steve Cahillane, rang the NYSE Opening Bell this morning alongside other Kellanova execs. 

• The split has been in the works since June 2022, with the company pledging it would complete the split by the end of Q4. 
• W.K. Kellogg Co and Kellanova teams will continue to work in the company’s existing Battle Creek, Michigan campus and corporate headquarters in Chicago. 
• Kellanova brands include Pringles, Cheez-It, Pop-Tarts, Kellogg's Rice Krispies Treats, MorningStar Farms, Incogmeato, Gardenburger, Nutri-Grain, RXBAR and Eggo, among others.
• Gary Pilnick, Kellogg’s former chief legal officer, has taken on the role of W.K. Kellogg Company CEO and will oversee the company’s North America cereal portfolio.
• Despite changing its corporate moniker all products sold between Kellanova and W.K. Kellogg Company will continue to carry the Kellogg's brand name.

Go Deeper: Check out details from Kellogg’s annual shareholder meeting and follow along for updates about the split.

How do you save cash as an emerging brand? According to Ronak Shah, the co-founder and CEO of collagen maker and wellness platform Obvi, the answer is to always keep an eye on your target audience. This week on The NOSH Podcast, the team hears how Obvi grew sales to over $55 million by creating products for, and developing a digital marketing strategy around, 30-50 year-old women in the Midwest. In addition, at the top of the show, the NOSH team debriefs from the final Natural Products Expo East and discusses some of the rising costs and challenges facing brands in retail today.

Listen to the episode here (or on your podcast platform of choice) and please subscribe, rate and review if you like what you hear.

There’s a familiar face taking the leadership reins at snack maker HighKey as the company’s former digital marketing officer Ryan Rouse appears to have rejoined the company as CEO. Perhaps no surprise given his prior title, Rouse has previously worked for e-commerce oriented companies including Serenity Kids and Factor (formerly Factor75). Highkey began as an online only brand, with Amazon a core revenue driver, before expanding into brick and mortar in 2020. 

Rouse is also a vice president at investment firm Tasseo, founded by SPINS board chair Tony Olson; Tasseo is an investor in HighKey.

Rouse’s appointment comes after news that former Highkey CEO Joe Ens had departed the snack marker to lead Canadian dip company Fontaine Sante Foods. During his four years leading HighKey, Ens adopted a “digital incubation” model to grow the keto cookie brand online and developed a broader-reaching snack platform with lines of crackers, candy bars and chocolates.

The newly launched Tufts University Food is Medicine Institute (FIM) released a case study quantifying the potential health and economic benefits of “food as medicine” programs that integrated food-based nutrition interventions into the healthcare system. 

• The report, entitled The True Cost of Food: Food is Medicine Case Study, found that incorporating food and nutrition strategies into healthcare on a national level would improve health and quality of life while reducing work for hospitals and cutting healthcare costs. 
• According to the report, national implementation of Medically Tailored Meals (MTMs) in Medicare, Medicaid and private insurance could avert approximately 1.6 million hospitalizations and save around $13.6 billion in healthcare costs in the first year.  
• Additionally, national adoption of produce “prescription” programs for patients with diabetes and food insecurity could avert 292,000 cardiovascular emergencies. 

The FIM case study comes on the heels of last year’s White House Conference on Hunger, Nutrition, and Health and accompanies the Biden-Harris Administration's National Strategy on Hunger, Nutrition and Health.  

Last week Taylor Swift fans flocked to the platform formerly known as Twitter to ponder the singer’s condiment choices. More than 32.8 million views later, the public now knows Swift “seemingly” dips her chicken tenders in ranch dressing. 

Although some might say these fans need to calm down, playing into the trend, last week condiment maker Primal Kitchen released 50 bottles of its avocado-based ranch dressing wrapped in limited edition “Seemingly Ranch” labels. The now-sold-out bottles were packaged alongside two friendship bracelets that, when paired together, say “seemingly ranch.” 

Looking to join Swifty’s pantries, after Taylor was spotted drinking a “seemingly” vodka cran last night, juice maker Ocean Spray changed their own Twitter bio to read “Last seen with Taylor Swift on 10/1 at @MetLifeStadium.” Guess it’s true that loving him was red. 

Check out the full notable new products gallery on NOSH.