Announces 2003 Annual Meeting Results
DAYVILLE, Conn., Dec. 3 /PRNewswire-FirstCall/ -- United Natural Foods,
Inc. (Nasdaq: UNFI) announced that during today's Board of Directors meeting,
Steven H. Townsend, Chief Executive Officer of United Natural Foods, was
elected Chair of the Board of Directors. Mr. Townsend, a member of the Board
of Directors since December 2000 and the Company's Chief Executive Officer
since January 2003, has enjoyed a successful career of more then 20 years with
United Natural Foods. Thomas B. Simone, Vice Chair of the Board of Directors,
was elected to the newly created position of Lead Independent Director. Mr.
Simone will be responsible for coordinating the activities of the Company's
independent directors.
Michael S. Funk, who has served as Chair of the Board of Directors since
January 2003 and has been a member of the Board of Directors since February
1996, is stepping down from the Chair position as the final component of the
Company's current executive succession plan. Mr. Funk, who has been
affiliated with United Natural Foods and its predecessors since 1976, will
continue to provide strategic insight and counsel to the Company as a
Director. Mr. Funk served as the Company's Vice Chair of the Board of
Directors from February 1996 until December 2002, as its Chief Executive
Officer from December 1999 until December 2002 and as President from October
1996 until December 1999.
Mr. Townsend commented, "Michael has devoted his entire career to United
Natural Foods, helping to build an organization that has become the premier
certified organic distributor in the United States. We recognize his
tremendous achievements, thank him for his strong leadership and commitment
and look forward to his continued counsel for many years to come."
Mr. Funk noted, "United Natural Foods is well positioned to continue its
leadership position in the industry and I'm extremely pleased with the vision
we've established for the Company. Steve is an experienced and strong leader,
who has been increasingly involved in determining the direction of the
Company. His appointment as Chair recognizes his deep operating experience,
leadership skills and wealth of strategic perspective."
United Natural Foods' Board of Directors consists of 8 members, 5 of whom
are independent.
Annual Meeting Results
The Company also announced the results of its Annual Meeting of
Stockholders, held today at the Company's corporate offices located at 260
Lake Road, Dayville, CT 06241. United Natural Foods' stockholders elected
three members to its Board of Directors, Richard Antonelli, Joseph M.
Cianciolo and Stephen H. Townsend, each to serve a three year term as a Class
I director until the Company's 2006 Annual Meeting of Stockholders. The Board
presently consists of three classes of directors; each elected for a three-
year term. Mr. Antonelli was elected to replace Kevin Michel who previously
served on the Board of Directors as a Class I director.
Stockholders also ratified the continuing appointment of KPMG LLP as
United Natural Foods' independent auditors for fiscal year 2004.
Stockholders can access a webcast replay of the annual meeting via the
Investor Relations section of the Company's website at http://www.unfi.com .
United Natural Foods will replay the webcast on their website through January
3, 2004.
About United Natural Foods
United Natural Foods, Inc. carries and distributes over 32,000 products to
more than 14,000 customers nationwide. The Company serves a wide variety of
retail formats including conventional supermarket chains, natural product
superstores, independent retail operators and the food service channel. For
more information on United Natural Foods, Inc., visit the Company's website at
www.unfi.com .
For more information on United Natural Foods, Inc., visit the Company's
web-site at www.unfi.com .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release regarding the Company's business
that are not historical facts are "forward-looking statements" that involve
risks and uncertainties. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in the
forward-looking statements, including but not limited to general business
conditions, the impact of competition and our dependence on principal
customers, see "Risk Factors" in the Company's quarterly report on Form 10-K
filed with the Securities and Commission on October 22, 2003, and its other
filings under the Securities Exchange Act of 1934, as amended. Any forward-
looking statements are made pursuant to the Private Securities Litigation
Reform Act of 1995 and, as such, speak only as of the date made. The Company
is not undertaking to update any information in the foregoing reports until
the effective date of its future reports required by applicable laws. Any
projections of future results of operations should not be construed in any
manner as a guarantee that such results will in fact occur. These projections
are subject to change and could differ materially from final reported results.
The Company may from time to time update these publicly announced projections,
but it is not obligated to do so.
SOURCE United Natural Foods, Inc.
-0- 12/03/2003
/CONTACT: Rick Puckett, Chief Financial Officer of United Natural Foods,
Inc., +1-860-779-2800, or General Information, Joseph Calabrese,
+1-212-445-8434, or Analyst Information, Susan Garland, +1-212-445-8458, both
of Financial Relations Board/
/Web site: http://www.unfi.com /
(UNFI)
CO: United Natural Foods, Inc.
ST: Connecticut