Sara Lee Corporation yesterday announced that Timothy S. Ramey has joined the corporation as vice president, investment strategy, and Richard Oberdorf, who most recently was vice president, portfolio management for Sara Lee Corporation, has been appointed vice president, corporate development. Both appointments are effective immediately and Ramey’s status as a corporate vice president is subject to approval by Sara Lee’s board of directors. Ramey and Oberdorf report to Ann E. Ziegler, senior vice president, corporate development for Sara Lee Corporation.

In a newly created position, Ramey will help drive the acquisition and internal investment strategies of the corporation, supporting Sara Lee’s reshaping program that was announced in May 2000.

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With nearly 20 years experience as a research analyst, focusing the last 15 years on the food industry, Ramey, 42, was most recently director of food, wine & agribusiness research at Deutsche Banc Alex. Brown, Deutsche Banc’s North American investment banking and brokerage business. At Deutsche Banc Alex. Brown, Ramey provided equity analysis of 22 companies, including Sara Lee Corporation. In addition, the Wall Street Journal has twice recognized Ramey as an “All-Star Analyst” for the food sector.

He also has held food industry research analyst executive positions at NatWest Securities and Kidder Peabody & Co. Inc.

Ramey received a Bachelor of Arts degree in psychology from the University of Washington in Seattle. He is a chartered financial analyst.

In his role as vice president, corporate development, Oberdorf will help execute Sara Lee’s acquisition and divestiture strategies.

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Oberdorf has held several key executive positions of increasing responsibility at the corporation. Oberdorf joined Sara Lee when the corporation acquired Playtex, Inc. in 1991, serving as vice president of U.S. finance for Playtex. In 1994, he was named vice president of finance for Sara Lee Personal Products. The following year, Oberdorf was appointed chief financial office of Sara Lee Personal Products and elected a Sara Lee corporate vice president. In 1997, he was appointed vice president for business growth and development.

Before joining Playtex, Oberdorf held several positions in both the tax and audit departments of Price Waterhouse.

Oberdorf received a Bachelor of Science degree in accounting from Georgetown University. He is a certified public accountant.

In May 2000, Sara Lee announced a strategic reshaping plan to narrow the company’s focus on three branded consumer packaged goods segments – Food and Beverage, Intimates and Underwear, and Household Products – in which the company enjoys leading category positions around the world. For more information on Sara Lee’s reshaped vision, visit the company’s Web site at www.saralee.com.

Sara Lee Corporation is a global branded consumer packaged goods company with approximately $17.5 billion in annual revenues. Its leading brands include Sara Lee, Douwe Egberts, Hillshire Farm, Hanes and Playtex.