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Snyder's-Lance CEO Singer plans to retire in May

CHARLOTTE, N.C. (AP) -- Pretzel maker Snyder's-Lance said Monday that it is promoting its president and COO Carl Lee to lead the company, as CEO David Singer plans to retire in May.

Singer will step down after the snack food company's annual shareholder meeting on May 3. He had been CEO of Lance Inc. from 2005, then became head of the company formed by Lance's combination with Snyder's of Hanover in 2010.

Based in Charlotte, N.C., Snyder's-Lance makes snack foods such as Cape Cod chips and Snyder's of Hanover pretzels.

President and Chief Operating Officer Carl Lee, who had been CEO of Snyder's of Hanover from 2005 until 2010, will succeed Singer. He's been president and COO of the combined company since 2010.

Singer will also retire from the board, but will be an adviser for Snyder's-Lance through February 2014 to help with the CEO transition.