Vlasic Foods International (NYSE: VL) yesterday announced that its Board of Directors has accepted the voluntary resignation of Robert F. Bernstock as President and Chief Executive Officer and as a member of the Board effective immediately. Mr. Bernstock is leaving Vlasic Foods to join another company, which is expected to be announced shortly. The Board expressed its appreciation for all of Mr. Bernstock’s contributions to Vlasic Foods.
The Company also announced that it has hired the firm of Goldin Associates, a management consultant and financial advisor, to provide interim management services and to assist the company in implementing a financial restructuring and its strategic review process with Lazard Freres. Goldin Associates will assume the responsibilities previously performed by Mr. Bernstock. The Goldin Associates team is headed by David Pauker, a managing director of the firm, who will report directly to the Board of Directors.
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Mr. Pauker said, “I look forward to working together with the management of Vlasic Foods. After initial review of the Company, it is clear the team is quite strong and talented and the company’s brand positions are enviable.”
Mr. Bernstock stated, “We have achieved much since our spin-off. We have done great things considering the hand we were dealt. I will forever appreciate and remember the spirit, dedication and achievements of my fellow colleagues at Vlasic Foods.”
Forward Looking Statement
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company believes the assumptions underlying the forward-looking statements, including those relating to personnel and the strategic review process are reasonable. However, any of the assumptions could be inaccurate, and therefore there can be no assurance that the forward-looking statements contained in this release will prove to be accurate. Additional information that could cause actual results to vary materially from the results anticipated may be found in the Company’s most recent Form 10-K and other reports filed with the Securities Exchange Commission. Furthermore, the Company disclaims any obligation or intent to update any such factors or forward-looking statements to disclaim future events and developments.
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