(Reuters) - Dean Foods Co DF.N said on Friday its board had ended a review of strategic options and decided that execution of its standalone operating plan under newly appointed Chief Executive Officer Eric Beringause would be the best opportunity for the company.
Shares of the Texas-based milk processor fell 5.2% in extended trading.
“The Board ... determined that the continued transformation of Dean Foods under Eric’s leadership provides the best means for creating value for the company,” said Jim Turner, the non-executive chairman of the board.
The company, which appointed Beringause as CEO in July, said it would reveal more details about its go-forward strategy when it reports third-quarter results in early November.
The announcement comes more than six months after the company said it would explore options, including a sale.
Dean Foods has been struggling with falling milk consumption in the country as consumers shift for non-dairy and private-label alternatives.
The company has missed earnings estimates for six out of the last eight quarters, according to IBES data from Refinitiv.
Reporting by Soundarya J in Bengaluru; Editing by Maju Samuel