Conagra Brands' number-two executive, Tom McGough, is retiring after nearly two decades with the food maker, which is streamlining its management structure under new Chief Executive John Brase.

Conagra on Tuesday said McGough, who joined the maker of Slim Jim snacks and Marie Callender's frozen meals in 2007, will retire as executive vice president and chief operating officer on Sept. 4.

The company said it is eliminating the post of chief operating officer, and that business unit leaders Noelle O'Mara and Jill Dexter will report directly to Brase, the former J.M. Smucker executive that Conagra brought in as CEO earlier this year as it ousted Sean Connolly, who had been at the helm for more than a decade.

Conagra, which has been struggling with weak sales and rising commodity prices, earlier this month halved its rich quarterly dividend as part of efforts to rebalance its capital-allocation program.