Middleby Taps Salman, Bowie to Lead Food Processing Spin-Off

ELGIN, IL – February 26, 2026 – The Middleby Corporation (NASDAQ: MIDD) has solidified the leadership for its future, announcing that Mark Salman will serve as Chief Executive Officer and Mark Bowie as Chief Operating Officer of its Food Processing business upon its separation into an independent public company. The move is a critical milestone in the planned spin-off, on track for the second quarter of 2026, and signals a clear strategic direction for what will become a pure-play powerhouse in the rapidly expanding food automation sector.

This leadership announcement provides investors and the industry with a definitive picture of the team tasked with steering the high-performing division into its next chapter. The appointments come as Middleby executes a broader portfolio transformation designed to create more focused, industry-leading companies and unlock greater shareholder value.

Leadership with a Proven Track Record

Mark Salman, the current President of the Middleby Food Processing Group (FPG), is a natural choice for the CEO role, having been the principal architect of the division's formidable growth. Under his leadership since 2018, the segment's revenue has more than doubled, rocketing from $390 million to an impressive $850 million in 2025. This expansion was fueled by a potent combination of strong organic growth and the successful integration of 16 strategic acquisitions, which collectively added approximately $300 million in annual revenues.

These acquisitions were not merely about adding scale; they were tactical moves that broadened the group's technological capabilities, cementing its position as a provider of comprehensive, automated solutions for industrial protein, bakery, and snack processors. The financial performance has been equally remarkable, with the division consistently delivering industry-leading adjusted EBITDA margins that surpassed 25% in 2024 and are projected to climb above 27% by 2028.

“Mark has been instrumental in building our Food Processing business into the industry-leading platform it is today,” said Tim FitzGerald, Middleby CEO. “His deep understanding of our customers' needs, proven track record of operational excellence, and strategic vision make him the ideal leader to guide this business through its transformation into an independent public company.”

Salman’s continuity ensures that the strategies responsible for the division's record-breaking performance will guide its initial steps as a standalone entity. The business entered 2026 with significant momentum, boasting a record backlog of approximately $410 million.

“I am honored to lead this exceptional team and business as we embark on this exciting new chapter,” said Salman. “As an independent company, we will have enhanced focus and flexibility to accelerate our growth strategy, expand into adjacent markets, and continue delivering the innovative solutions our customers depend on to drive their success.”

Bolstering Operations for Independence

Complementing Salman’s strategic leadership is the appointment of Mark Bowie as Chief Operating Officer. Bowie, who joined Middleby Food Processing earlier this year, brings over 25 years of diverse manufacturing and public company leadership to the executive team. His extensive experience is seen as crucial for navigating the operational complexities of a newly independent public company.

Bowie’s resume includes significant tenures at companies that are deeply relevant to the new entity's mission. He previously served as Vice President and General Manager at JBT Corporation, a major global player in food processing technology, giving him direct insight into the competitive landscape. His background also includes CEO roles at In-Place Machining and LPW Group, as well as senior positions at CIRCOR International, where he honed his expertise in managing complex manufacturing operations and supply chains in a public company environment. This deep operational acumen is expected to be instrumental in optimizing production, driving efficiency, and scaling the business to meet growing demand.

A Strategic Split to Unlock Value

The creation of an independent Food Processing company is the capstone of a multi-year strategic review by Middleby’s board. The separation aims to dismantle a conglomerate structure, allowing investors to choose between two distinct, high-performing businesses: the Middleby RemainCo, focused on commercial foodservice, and the new Food Processing entity, a pure-play leader in industrial automation.

This move follows Middleby's recent transaction to sell a 51% stake in its Residential Kitchen business, further sharpening its corporate focus. By establishing the Food Processing business as a standalone company, Middleby enables it to pursue its own tailored capital allocation strategy, optimize its capital structure, and aggressively chase growth through strategic investments and acquisitions without competing for resources with other divisions.

Analysts have noted that the separation provides strategic clarity, allowing the market to more accurately value the distinct growth trajectories of each business. The Food Processing unit, with its higher growth profile and robust margins, is positioned to attract investors specifically interested in the industrial technology and automation space.

Tapping a Booming Automation Market

The timing of the spin-off is particularly advantageous, as the new company will launch into a global food processing automation market experiencing unprecedented demand. Food manufacturers worldwide are grappling with persistent labor shortages, rising wages, and an unrelenting pressure to increase food safety and product consistency. Automation has become the essential solution to these challenges.

The new Middleby Food Processing company is uniquely positioned to capitalize on these trends. Its portfolio of industry-leading brands offers full-line solutions that help processors improve yields, reduce waste, and increase throughput. The demand for these technologies is evident in the division's strong order intake, which reflects a pressing need across the protein, bakery, and snack industries to modernize and automate operations.

As it prepares for its public debut, the new entity will not only compete with established players like Marel and GEA Group but will do so with a clear mandate for growth, a backlog of orders, and a leadership team with a demonstrated ability to execute. With a defined strategy and a seasoned executive team, the stage is set for the new entity to begin its journey as a publicly traded force in food processing automation.