ConAgra Foods & JANA Partners Announce Appointments of Bradley A. Alford & Timothy R. McLevish to ConAgra Foods' Board of Dir...
July 08 2015 - 5:00PM
Business Wire
ConAgra Foods, Inc. (NYSE:CAG) and JANA Partners LLC, which owns
approximately 7% of ConAgra Foods’ outstanding shares, today
announced an agreement in which ConAgra Foods will appoint Bradley
A. Alford and Timothy R. McLevish to ConAgra Foods’ Board of
Directors, effective no later than July 22, 2015. With the addition
of Messrs. Alford and McLevish, the ConAgra Foods Board will
increase from 12 to 14 members.
“We are pleased to welcome Brad and Tim to the ConAgra Foods
Board,” said Steven Goldstone, chairman, ConAgra Foods. “Both are
seasoned, accomplished veterans of our industry, and we look
forward to benefitting from their expertise as we uphold our
ongoing commitment to deliver value for all shareholders.”
Brad Alford said, “I am pleased to be invited to join the
ConAgra Foods Board at this important time. ConAgra Foods has an
extraordinarily valuable portfolio of iconic brands, and I look
forward to working closely with my fellow directors and the
management team on behalf of all ConAgra Foods shareholders.”
Tim McLevish added, “I look forward to serving as a voice for
shareholders and working constructively with the ConAgra Foods
Board and management team to help realize the exceptional future
potential for the company.”
Sean Connolly, chief executive officer, ConAgra Foods, said, “We
are committed to transforming ConAgra Foods into a focused,
higher-margin, more contemporary and higher-performing company. I
look forward to working with Brad, Tim and the rest of the ConAgra
Foods Board as we execute our plan for delivering shareholder
value.”
In connection with the appointments, ConAgra Foods and JANA
Partners have entered into a cooperation agreement. Under the
agreement, ConAgra Foods has agreed to nominate Mr. Alford and Mr.
McLevish for election to the Board at the company’s 2015 Annual
Meeting of Shareholders and JANA Partners has agreed to customary
standstill and voting commitments. A copy of the cooperation
agreement will be filed with the Securities and Exchange
Commission.
Barry Rosenstein, managing partner of JANA Partners, commented,
“We are pleased to have worked constructively with ConAgra Foods to
appoint Brad and Tim to the Board. They bring a fresh perspective
and unique insight to the company. We are very optimistic about the
outlook for ConAgra Foods as the company explores all options to
create shareholder value."
James Lawrence, who partnered with JANA in its ConAgra Foods
investment, commented, “As a significant shareholder of ConAgra
Foods, I am extremely pleased with the process the board is
undertaking to exit private label, improve margins, optimize
capital allocation and explore all other paths to value creation.
Based on these developments and the company’s constructive
engagement with shareholders, I have confidence in the path forward
to value creation and believe ConAgra Foods’ future is bright.”
About Brad AlfordBrad Alford, 58, is the former chief executive
officer and chairman at Nestle USA. Mr. Alford has approximately 35
years of experience in the consumer food and packaged goods
industry. Prior to leading Nestle USA, Mr. Alford held a variety of
senior leadership roles across the Nestle organization, including
President and CEO of Nestle Brands and President, Confections &
Snacks Division, Nestle USA. Mr. Alford also held various senior
roles within Nestle on a global basis. Mr. Alford began his career
at Carnation Company and earned his Master of Business
Administration in Finance and Marketing from Indiana University and
a Bachelor of Science in Business from Miami University of
Ohio.
About Tim McLevishTim McLevish, 60, is the former chief
financial officer and executive vice president at Walgreens Boots
Alliance, Inc. Mr. McLevish has over 15 years of experience in
leading the finance organizations of large public companies. From
October 2007 to April 2014, Mr. McLevish held various positions
within Kraft Foods Group and Kraft Foods Inc. including Executive
Vice President and Chief Financial Officer within both
organizations. Before joining Kraft Foods, Mr. McLevish served as
Senior Vice President and Chief Financial Officer of Ingersoll-Rand
Company Limited from 2002 to 2007. Previously, Mr. McLevish spent
15 years in various leadership roles at Mead Corporation, including
serving as Vice President and Chief Financial Officer from 1999 to
2002. Mr. McLevish holds a Bachelor of Science degree in Accounting
from the University of Minnesota and a Master in Business
Administration from Harvard Business School.
About ConAgra FoodsConAgra Foods, Inc., (NYSE: CAG) is
one of North America's largest packaged
food companies with branded and private branded food found in
99 percent of America’s households, as well as a strong
commercial foods business serving restaurants and foodservice
operations globally. Consumers can find recognized brands such
as Banquet®, Chef Boyardee®, Egg Beaters®, Healthy Choice®,
Hebrew National®, Hunt's®, Marie Callender's®,
Orville Redenbacher's®, PAM®, Peter Pan®, Reddi-wip®, Slim
Jim®, Snack Pack® and many other ConAgra Foods brands, along
with food sold by ConAgra Foods under private brand
labels, in grocery, convenience, mass merchandise, club and
drug stores. Additionally, ConAgra Foods supplies frozen
potato and sweet potato products as well as other vegetable, spice,
bakery and grain products to commercial and foodservice
customers. ConAgra Foods operates ReadySetEat.com,
an interactive recipe website that provides consumers with easy
dinner recipes and more. For more information, please visit us
at www.conagrafoods.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150708006402/en/
ConAgra Foods, Inc.Media:Teresa Paulsen,
402-240-5210Teresa.Paulsen@ConAgraFoods.comorInvestors:Chris
Klinefelter, 402-240-4154Chris.Klinefelter@ConAgraFoods.com
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