The J.M. Smucker Company Announces Leadership Team Promotions
ORRVILLE, Ohio, Aug. 21 /PRNewswire-FirstCall/ -- The J.M. Smucker Company (NYSE: SJM) today announced a series of key executive promotions designed to position the Company for continued success and mark the beginning of the integration of the Folgers business. On June 4, 2008 Smucker announced the execution of an agreement with Procter & Gamble to merge the Folgers coffee business into The J.M. Smucker Company. This merger will add approximately $1.8 billion in annual sales and 1,250 employees to the Company and is expected to be completed in the fourth calendar quarter of 2008.
At the time of the announcement, Tim and Richard Smucker, co-chief executive officers of The J.M. Smucker Company, acknowledged that this transaction will dramatically increase the Company's size and scale and will require a new organizational structure that will best address the needs of all the Company's brands and businesses.
Today the Company announced that its Board of Directors has approved the following changes:
-- Timothy P. Smucker's title has been changed from chairman and co-chief executive officer to chairman of the board and co-chief executive officer.
-- Richard K. Smucker's title has been changed from president and co-chief executive officer to executive chairman and co-chief executive officer. He will also continue in his capacity as president of the Company.
-- Vincent C. Byrd was promoted from senior vice president of its consumer business to president of the newly created coffee strategic business area (SBA). Byrd, who has been with the Company for 31 years, will immediately begin work with Smucker's internal integration team as well as the Procter & Gamble and Folgers teams to ensure the smooth integration and ongoing success of the Folgers business.
-- Steven Oakland was promoted to president of the consumer business. Oakland most recently served as vice president of the Smucker oils and baking SBA. Oakland has been with Smucker for 26 years.
-- Mark Smucker, great-great grandson of the Company's founder, Jerome M. Smucker, has been promoted to president of the special markets SBA which includes the Company's foodservice and beverage groups as well as its Canadian and international operations after serving as vice president of international. Smucker has been with the Company for 11 years.
-- Paul Smucker Wagstaff, also great-great grandson of founder Jerome M. Smucker, has been promoted from vice president of foodservice and beverage markets to president of the oils and baking SBA. Wagstaff has been with Smucker for 12 years.
-- Barry Dunaway, formerly vice president of corporate development, has been named senior vice president of the newly created corporate and organization development office with combined responsibility for mergers/acquisitions and human resources. Dunaway has been with the Company for 21 years.
"The promotions we are announcing today are a reflection of our belief that every employee makes a difference as well as our desire to install talented, successful people in the right positions so that our Company will be well-equipped to continue our tradition of steady growth," Tim Smucker, chairman of the board and co-chief executive officer, said. "This is a team steeped in our Company's culture and with a proven track record of growing and strengthening brands."
"Over the last six years we have added several brands [12 acquisitions with Folgers] to our portfolio," said Richard Smucker, executive chairman and co-chief executive officer. "Vincent, Steve, Mark, Paul and Barry have all played an integral part in the successful integration and management of those brands."
About The J.M. Smucker Company
The J.M. Smucker Company is the leading marketer and manufacturer of fruit spreads, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and health and natural foods beverages in North America. Its family of brands includes Smucker's(R), Jif(R), Crisco(R), Pillsbury(R), Eagle Brand(R), R.W. Knudsen Family(R), Hungry Jack(R), White Lily(R) and Martha White(R) in the United States, along with Robin Hood(R), Five Roses(R), Carnation(R), Europe's Best(R) and Bick's(R) in Canada. The Company remains rooted in the Basic Beliefs of Quality, People, Ethics, Growth and Independence established by its founder and namesake more than a century ago. Since 1998, the Company has appeared on FORTUNE Magazine's annual listing of the 100 Best Companies to Work For in the United States, ranking number one in 2004. For more information about the Company, visit www.smuckers.com.
The J.M. Smucker Company is the owner of all trademarks, except Pillsbury is a trademark of The Pillsbury Company, used under license and Carnation is a trademark of Societe des Produits Nestle S.A., used under license.
SOURCE The J.M. Smucker Company
CONTACT: Maribeth Badertscher, +1-330-682-3000, for The J.M. Smucker Company
