Sara Lee Corporation announced yesterday that its Board of Directors has elected President and Chief Executive Officer C. Steven McMillan to the additional role of chairman of the board, effective October 5, 2001. Sara Lee also has named Barry H. Beracha an executive vice president of the corporation, John W. Iselin, Jr. a senior vice president of the corporation, and Jacques Michaud and Hugh Brian Duffy each vice presidents of the corporation, effective immediately.


Sara Lee Bakeries UK Ltd

As chairman, president and chief executive officer of the corporation, McMillan, 55, will chair Sara Lee’s board of directors and will continue his role in directing the operations of the corporation. McMillan will succeed Chairman John H. Bryan, 64, who served as Sara Lee’s CEO for 25 years, and who will retire as chairman on October 5, 2001.

McMillan joined Sara Lee in 1976, serving in a number of division and group president positions until he was named senior vice president of strategy development for the corporation in 1986.

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In 1990, McMillan assumed responsibility for Sara Lee’s Packaged Meats, Bakery and Foodservice businesses, and in 1993, he added responsibility for the Coffee and Grocery, and Household and Body Care businesses, based in the Netherlands. McMillan was named executive vice president and a director of the corporation in 1993. In March 1997 he was promoted to president of Sara Lee Corporation, and in December of that year he was appointed chief operating officer. Last year, McMillan was named chief executive officer of the corporation.

Under McMillan’s leadership, Sara Lee announced in May 2000 a reshaping program to focus the company’s operations on three business segments – Food and Beverage, Intimates and Underwear, and Household Products. Sara Lee divested a number of non-core business units during fiscal year 2001, and earlier this month, the company successfully completed the acquisition of The Earthgrains Company, Sara Lee’s largest acquisition to date.

Prior to joining Sara Lee, McMillan was a management consultant with McKinsey & Company in Chicago. He graduated summa cum laude from Auburn University, and he earned an M.B.A. with honors from Harvard Business School.

Beracha, who is chief executive officer of Sara Lee Bakery Group, was named an executive vice president of the corporation. Beracha, 59, directs the operations of the newly merged Sara Lee and Earthgrains bakery businesses.

Prior to assuming leadership of Sara Lee Bakery Group, Beracha was chairman of the board and chief executive officer of Earthgrains. In 1996, he led the company through its spin-off from Anheuser-Busch Companies, Inc. into an independently traded company. Beracha joined Anheuser-Busch in 1967 and held various management positions of increasing responsibility within the company, including vice president and group executive and CEO of Anheuser-Busch’s Metal Container Corporation. Beracha earned his bachelor’s degree from the Pratt Institute in Brooklyn, N.Y., and his M.B.A. from the Wharton School at the University of Pennsylvania.

Iselin, 48, was named a senior vice president of the corporation. Iselin, chief operating officer of Sara Lee Bakery Group, is responsible for overseeing all of the division’s operating units in the United States, Europe and Australia.

Iselin most recently served as executive vice president and chief operating officer of Earthgrains. He has held numerous management positions since joining Earthgrains in 1983, including president of the company’s U.S. Bakery Products division and president of Worldwide Bakery Products. Iselin earned his bachelor’s degree from the University of Missouri and his M.B.A. from Saint Louis University.

Duffy, 47, was named a vice president of the corporation and will continue to serve as group chief executive officer of Sara Lee Courtaulds/Legwear Europe.

Prior to being named CEO of Sara Lee Courtalds/Legwear Europe last year, Duffy was president, Sara Lee Hosiery Europe. He also served as president, Pretty Polly Ltd., and, from 1983 to 1993, held various positions of increasing responsibility for Playtex Worldwide, Playtex Europe, and Playtex U.K. Duffy earned his chartered accountant certification through Glasgow University, Scotland.

Michaud, 54, chief executive officer of Sara Lee Intimate Apparel Europe, was named a vice president of the corporation. He joined the company in 1991 as CEO – Douwe Egberts France and was later named a vice president of Sara Lee/DE, overseeing the company’s Coffee & Tea division in southern and central Europe. In March 2000, Michaud was named CEO – Dim, Sara Lee’s intimate apparel and hosiery company based in France.

Before joining Sara Lee, Michaud was CEO – Poulain/Cadbury France and CEO – Banania SA and Banania and Co., (General Foods). He also served in various management positions at Ciba-Geigy and Bestfoods France. Michaud is a graduate of Ecole HEC in Paris.

Sara Lee Corporation is a global branded consumer packaged goods company with approximately $20 billion in annual revenues. Its leading brands include Sara Lee, Douwe Egberts, Hillshire Farm, Kiwi, Hanes and Playtex.

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