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Cal-Maine Foods Inc.

on Friday said it named Sherman Miller as its new chief executive, a move that took hold immediately. Miller, who most recently served as the egg producer’s president and chief operations officer, will replace Dolph Baker at the helm. Baker will stay on as chairman of Cal-Maine’s board and remain an executive officer “actively involved” in managing the company. Baker, in a statement, said Miller was a “proven leader in managing our operations through the various market cycles that are characteristic of our industry.” Miller joined Cal-Maine in 1996. Shares of Cal-Maine finished 5.3% lower during regular trading.

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