OMAHA, Neb. — Ex-Nestle USA chairman and chief executive officer Bradley Alford and former Walgreens Boots Alliance executive vice president and chief financial officer Timothy McLevish are slated to join the ConAgra Foods Inc. board of directors this month.
ConAgra said late Wednesday that it has entered into an agreement with hedge fund Jana Partners LLC to appoint Alford and McLevish to the ConAgra Foods board, effective no later than July 22. The move will expand the board from 12 to 14 members. Last month, Jana disclosed its purchase of an approximate 7% stake in ConAgra Foods.
“We are pleased to welcome Brad and Tim to the ConAgra Foods Board,” Steven Goldstone, chairman of ConAgra Foods, said in a statement. “Both are seasoned, accomplished veterans of our industry, and we look forward to benefitting from their expertise as we uphold our ongoing commitment to deliver value for all shareholders.”
In connection with the appointments, ConAgra Foods and Jana Partners have entered into a cooperation agreement in which ConAgra will nominate Alford and McLevish for election to its board at the company’s 2015 annual shareholder meeting and Jana has agreed to customary standstill and voting commitments.
“ConAgra Foods has an extraordinarily valuable portfolio of iconic brands, and I look forward to working closely with my fellow directors and the management team on behalf of all ConAgra Foods shareholders,” Alford stated.
McLevish commented, “I look forward to serving as a voice for shareholders and working constructively with the ConAgra Foods board and management team to help realize the exceptional future potential for the company.”
ConAgra Foods’ lineup of food brands — sold at grocery, mass merchant, club, drug and convenience stores nationwide — includes Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt’s, Marie Callender’s, Orville Redenbacher’s, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and others.
