The chairman of US food group Michael Foods has retired from the business as the firm announces the closure of its sale to affiliates of GS Capital Partners for US$1.7bn.

Gregg Ostrander became executive chairman of the board of directors in 2001. He joined Michael Foods in 1993 and held several senior management positions, including president/CEO from 1994 to 2007.

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He will remain an investor and a non-management director of Michael Foods. No replacement has been announced.

James Dwyer, CEO and president of Michael Foods, said: “It’s been terrific working closely with Gregg on managing the business and the sale process. I am delighted that he will continue to provide ongoing counsel to our team in his new role as a non-management director.”

Michael Foods, which sells the Papetti range of egg products and Crystal Farms cheese, announced the sale of the firm last month.

Thomas H. Lee Partners, which bought Michael Foods in 2003, will keep a 20% stake in the business.

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