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Conagra (CAG) CEO Sean Connolly is stepping down on June 1 after 11 years as CEO.

John Brase will be the next CEO at the snack and meal giant. He is currently the chief operating officer at The J.M. Smucker Co. (SJM) and, prior to that, spent 30 years at Procter & Gamble (PG).

“The decision to appoint John as Conagra’s next leader follows our thoughtful approach to succession planning, including discussions with Sean, and our determination that now is the right time for this leadership transition,” Richard Lenny, the independent chair of Conagra’s board of directors, said in the release.

Investors seemed to be taken by surprise by the news. Conagra stock fell 6% in late morning trading.

“We believe that Mr. Brase is well regarded by investors … But he also joins a company facing clear challenges,” JPMorgan analyst Thomas Palmer wrote in a note to clients.

The company reported earnings per share earlier this month of $1.70, which were close to expectations of $1.69, according to Bloomberg estimates.

However, there are “mounting earnings pressures to consider,” Palmer wrote, including “inflation, especially freight and packaging, which could limit the magnitude of CAG’s earnings recovery next year.”

Lackluster volume growth is also a key focus for analysts. Volume grew just 0.5% in the third quarter.

Stifel analyst Matthew Smith added that there is “limited balance sheet flexibility, given current leverage against the improved volume trajectory in the Refrigerated & Frozen segment.”

That segment includes brands like Marie Callender’s and Birds Eye, which saw volume grow the most last quarter, up 0.6%, against declines in all the other categories, like grocery and snacks, international, and food service, down 2.2%, 2%, and 0.1%, respectively.

The Street is mostly on the sidelines on this stock with one Buy rating, 12 Holds, and four Sells.