Kellanova and Post Holdings among brands releasing new products in early 2024.

Lag S&P 500 performance by 31 points.

Made for consumers who want crunchier snack options.

Products include Cheez-It Snap’d, Cheez-It Puff’d and Club Crisps.

Sharma sees ‘enormous opportunity’ to unlock growth.

Premised on belief cereal business will be “stronger as independent company.”