Colo, who will report directly to Diamond CEO Brian Driscoll, previously worked for seven years at ConAgra Foods and spent 16 years before that at Nestlé-Purina.
The business is looking to fix problems related to its supply chain, according to Reuters, following an accounting scandal.
The maker of Emerald nuts, Kettle chips and Pop Secret popcorn restated financial results for fiscal years 2010 and 2011 in November after an internal probe found that it had accounted for some payments to farmers in the wrong fiscal periods.
The scandal, which led to the exits of former Chief Executive Michael Mendes and finance chief Steven Neil, dealt a blow to Diamond’s relationship with walnut farmers, resulting in a drop in supply.