Branded food producer International Multifoods has announced the election of three directors to serve three-year terms: Claire L. Arnold, CEO of Leapfrog Services and a director since 1997; James M. Jenness, CEO of Integrated Merchandising Systems and a director since 2001; and Richard K. Smucker, president and co-CEO of the J.M. Smucker Company and a director since 1997.
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The elections were held at the firm’s annual shareholders meeting in Minneapolis. Shareholders also approved Multifoods Management Incentive Plan as amended to include additional financial performance measures beyond EVA, and the appointment of KPMG LLP as the company’s independent auditors for the fiscal year ending 1 March 2003.
At the meeting, chairman and CEO Gary Costley also reviewed the company’s acquisition in November 2001 of the Pillsbury desserts and baking mix brands, and related consumer brands; the status of the integration of this business into Multifoods; and the company’s outlook for fiscal 2003.
Costley said: “Food manufacturing represents our future as a company and enables us to deliver sustainable improvement in our financial performance going forward.
“Today, we have good momentum. We are accelerating our brand-building efforts and product innovation to increase our market presence and grow our business.”
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