JM Smucker (J.M. Smucker) announced on Tuesday a restructuring of its senior leadership structure, aiming to integrate functions and increase investment in the field of artificial intelligence. The food company, known for its Uncrustables products, said it will eliminate the Chief Operating Officer (COO) position and assign new management responsibilities to five senior executives. At the same time, the company has created a new Chief Technology Officer (CTO) position, whose responsibilities will include advancing the company's artificial intelligence strategy.

This leadership adjustment comes as the Ohio-based company seeks to boost growth, strengthen the momentum of its food and beverage product portfolio, and expand profitability and profit margins. Smucker and other consumer packaged goods (CPG) companies have been under pressure from declining consumer spending and rising costs, prompting many companies to seek cost cuts or rethink their operations.

As part of the leadership changes, CEO Mark Smucker will also assume the title of President. Chief Financial Officer Tucker Marshall's responsibilities will be expanded to oversee the company's U.S. retail frozen handheld foods and spreads, sweet baked snacks, and international business.

Other executives will also take on additional oversight responsibilities. Tim Wayne, currently Senior Vice President and General Manager of Non-Consumer and International Business, will add the coffee business to his scope of responsibilities. Additionally, Robert Crane, currently Senior Vice President of Sales and Sales Commercialization, will add oversight of the international business to his role.

Rob Ferguson, previously Senior Vice President and General Manager of Coffee and Procurement, has been promoted to the newly created position of Chief Product Supply Officer, while also serving as Executive Vice President of Coffee, Pet, and Non-Consumer Business.

The jam maker and owner of the Hostess brand also plans to hire a Chief Technology Officer to handle information technology and artificial intelligence-related matters.

"These executive leadership updates will strengthen our focus on driving revenue growth and improving profitability," Mark Smucker said in a statement.

Over the past year, Smucker has also implemented other changes aimed at improving the business, including investing $120 million to expand its Hostess production facility in Columbus, Georgia. In February, Smucker announced it would split its supply chain and manufacturing division into a separate organization.