Should ConAgra Move Its Headquarters Back to Omaha?

A decade of stock underperformance since the Chicago move

In March 2015, Sean Connolly was appointed CEO of ConAgra which was, at that time, headquartered in Omaha. Mr. Connolly, then a resident of Chicago, spearheaded the movement of the company’s headquarters to Chicago in 2015 and 2016. Financial data indicate that this move, if anything, had a negative impact on stockholders and employees of the firm.

The accompanying chart compares the share price of ConAgra (CAG) to that of the food processing industry as proxied by the Exchange Traded Fund, Invesco (PBJ). This index is composed of common stocks of U.S. food and beverage companies. “These companies are engaged principally in the manufacture, sale or distribution of food and beverage products, agricultural products and products related to the development of new food technologies.”

As presented, in 2012, the prices of ConAgra and Invesco were $12.63 and $16.69, respectively. Thus, ConAgra’s stock price was 75.7% (right axis) of Invesco’s in 2012, the first year shown in the chart. In 2016 during the year of headquarter movement from Omaha to Chicago, ConAgra’s price rose to 85.2% of the industry share price as proxied by Invesco. However during the tenure of Connolly and the Chicago home office, ConAgra’s share price plummeted to 31.6% of the industry proxy in May 2026.

To quote Yahoo Finance, “Conagra Brands (CAG) is facing significant challenges as analysts downgrade their outlook due to rising costs and margin pressures.” As a result and a surprise to no investor, John Brase, former COO of J.M. Smucker which is headquartered in Orrville, Ohio, was announced as Connolly’s successor in April 2026 and became CEO effective June 1. Maybe ConAgra should square the circle and return its headquarters to Omaha?

Ernie Goss
MacAllister Chair in Regional Economics, Creighton University

Editing: Andrew Hoover