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Nut company John B Sanfilippo & Son’s Board of Directors has approved a succession plan for the company’s CEO Jasper Sanfilippo – who intends to retire on 1 January 2008.

A succeeding management team will be will be elected at the board of directors meeting to be held on 6 November 2006.

After the November meeting it is expected that Sanfilippo will continue to serve as chairman of the board and contribute to the company.

Current EVP of sales and marketing Jeffrey Sanfilippo is set to become the new company CEO, while Jasper Sanfilippo, Jr, currently EVP of operations, will take up the role of chief operating officer and president.

The company is also promoting Michael Valentine to the position of CFO and group president, and James Valentine to EVP of Information Systems.

Sanfilippo senior said: “The succeeding management team has literally grown up in the industry, and they have extensive expertise in their respective areas of responsibility. Our company will be in good hands.

“Until my retirement date, I will focus my efforts and experience in assisting the succeeding management team in critical areas such as the facility consolidation project and nut procurement, which will allow the team to focus on successfully operating our company,”