DAYVILLE, Conn., Oct. 24 /PRNewswire-FirstCall/ -- United Natural Foods
(Nasdaq: UNFI) today announced that Steven H. Townsend has announced his
retirement and has resigned as President and Chief Executive Officer,
effective immediately in order to devote more time to his other investments
and business interests, and that Michael S. Funk, a United Natural Foods
Director, will assume the additional responsibilities of President and Chief
Executive Officer. Mr. Townsend will remain Chair of the Board of Directors
until the Company's Annual Meeting, which is scheduled for December 8, 2005,
and, to ensure a smooth transition, will continue as a consultant to the
Company.
"The Board thanks Steve for the significant contributions he has made
during his 23 years of service in various senior executive positions at United
Natural Foods and its predecessor companies. Steve developed a strong, highly
competent and motivated management team, and over the last three years, the
Company's sales grew to $2.1 billion with shareholder value enhanced by
substantial investment in people, facilities, equipment and technology. The
Company reached many significant milestones during his career at United
Natural Foods and we wish him well in his future endeavors, including as a
consultant to UNFI," commented Thomas B. Simone, Vice Chair of the Board and
Lead Independent Director. Mr. Townsend, age 52, was elected as UNFI's Chief
Executive Officer in January 2003 and President in April 2001. He has served
as a member of the Company's Board of Directors since December 2000 and was
previously on the Board from 1996 until 1998. He has served as the Chair of
the Board since January 2004.
Steven Townsend commented, "I've enjoyed a most fulfilling tenure at
United Natural Foods and I especially want to acknowledge our entire
management team. I look forward to beginning the next phase of my life and
career. I wish all the people at UNFI continued success in its future and look
forward to continuing my long-term relationship with United Natural Foods as a
consultant."
Mr. Funk, age 51, has been affiliated with United Natural Foods and its
predecessors since 1976 and has been a member of the Board of Directors since
February 1996. He served as the Company's Chief Executive Officer from
December 1999 until December 2002 and as its President from October 1996 until
December 1999. He was the Company's Chair of the Board of Directors from
January 2003 until December 2003 and served as the Company's Vice Chair of the
Board of Directors from February 1996 until December 2002. Mr. Funk founded
Mountain People's Warehouse, Inc. in 1976 and co-founded United Natural Foods
in 1996.
"The Board is extremely pleased that Michael, a pioneer of the natural
products industry, has agreed to return to the leadership role of President
and Chief Executive Officer," added Mr. Simone. "As a co-founder of United
Natural Foods in 1996, he was a leader of a great team that built the
organization into the leading natural products wholesaler in the United
States. During his tenure as CEO, he successfully led an operational
turnaround with revenues increasing to over $1.2 billion. We believe
Michael's proven track record, supported by the Company's strong executive
management team, will enable United Natural Foods to strengthen its leading
position as America's Premier Certified Organic Distributor(R)."
"I've dedicated my career to building an organization that has excelled in
the distribution of natural and organic foods and wellness products," stated
Michael S. Funk, President and Chief Executive Officer of United Natural
Foods. "I am excited about United Natural Foods' future. We have a highly
experienced management team, a base of over 20,000 customers nationwide in
every class of trade and a solid balance sheet, all of which positions us for
long-term sustainable growth."
Conference Call
The Company has scheduled a conference call for October 24, 2005, at
10:00 a.m. ET. Those interested in participating should call 303-262-2191.
An audio webcast of the conference call will be available to the public, on a
listen-only basis, via the Internet at http://www.earnings.com or at the
Investor Relations section of the Company's website at http://www.unfi.com .
Please allow extra time, prior to the call, to visit the site and download the
necessary software to listen to the Internet broadcast. The online archive of
the webcast will be available for 30 days.
About United Natural Foods
United Natural Foods, Inc. carries and distributes more than 40,000
products to more than 20,000 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 http://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 annual report on Form 10-K
filed with the Commission on October 13, 2005, 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
CONTACT: Rick Puckett, Chief Financial Officer of United Natural Foods,
1-860-779-2800; or Joseph Calabrese of Financial Relations Board,
1-212-827-3772, General Information for United Natural Foods/
Web site: http://www.unfi.com
http://www.earnings.com
(UNFI)