Dean Foods to Spin Off WhiteWave Foods
Dean Foods Company announced that its board of directors has approved the distribution of a portion of its remaining equity interest in The WhiteWave Foods Company to Dean Foods stockholders and has determined the approximate distribution ratios, record date and distribution date for the spin-off.
"Following WhiteWave's successful initial public offering last year, our Board's action today puts the spin-off of WhiteWave in motion," said Gregg Tanner, chief executive officer and director of Dean Foods. "The separation of WhiteWave from Dean Foods continues to unlock significant shareholder value and puts both companies on a path for future success in their respective businesses."
Click here for full spin off details.
Additionally, the Dean Foods Board of Directors accepted the resignations of Gregg Engles as Chairman of the Board and Directors, and Stephen Green, Joseph Hardin, Jr. and Doreen Wright as Directors, effective as of the conclusion of the May 1, 2013 Board of Directors meeting at which the distribution was approved.
In light of the resignations, the Dean Foods Board of Directors withdrew the nomination of Engles for re-election to the board of directors at the 2013 Annual Meeting of Stockholders of Dean Foods, and reduced the size of the board of directors from 12 members to eight members.
Engles currently serves as Chairman and CEO of WhiteWave and will now turn his attention fully to his responsibilities at WhiteWave. Green and Hardin and Wright currently serve as directors of WhiteWave.
Tanner stated, "On behalf of the board of directors and the employees of Dean Foods, I want to thank Gregg Engles for all that he has done to build Dean Foods into the great company it is today. Over the last 20 years, Gregg has been the driving force behind efforts to reshape and modernize a centuries-old industry. His legacy will be felt and remembered for years to come. I also want to thank Steve, Joe and Doreen for their leadership and guidance as members of the Board."
In addition, on May 1, 2013, Tom Davis was appointed to replace Engles as the Chairman of the Board of Dean Foods. Davis has served as an independent director of Dean Foods since 2001 and was serving as the Lead Director of the Dean Foods board of directors at the time of his appointment as Chairman. He has more than 20 years of experience as an investment banker and the Dean Foods Board of Directors believes this experience brings invaluable strategic insight in the area of finance and will serve the company well in his role as Chairman of the Board.
"Following WhiteWave's successful initial public offering last year, our Board's action today puts the spin-off of WhiteWave in motion," said Gregg Tanner, chief executive officer and director of Dean Foods. "The separation of WhiteWave from Dean Foods continues to unlock significant shareholder value and puts both companies on a path for future success in their respective businesses."
Click here for full spin off details.
Additionally, the Dean Foods Board of Directors accepted the resignations of Gregg Engles as Chairman of the Board and Directors, and Stephen Green, Joseph Hardin, Jr. and Doreen Wright as Directors, effective as of the conclusion of the May 1, 2013 Board of Directors meeting at which the distribution was approved.
In light of the resignations, the Dean Foods Board of Directors withdrew the nomination of Engles for re-election to the board of directors at the 2013 Annual Meeting of Stockholders of Dean Foods, and reduced the size of the board of directors from 12 members to eight members.
Engles currently serves as Chairman and CEO of WhiteWave and will now turn his attention fully to his responsibilities at WhiteWave. Green and Hardin and Wright currently serve as directors of WhiteWave.
Tanner stated, "On behalf of the board of directors and the employees of Dean Foods, I want to thank Gregg Engles for all that he has done to build Dean Foods into the great company it is today. Over the last 20 years, Gregg has been the driving force behind efforts to reshape and modernize a centuries-old industry. His legacy will be felt and remembered for years to come. I also want to thank Steve, Joe and Doreen for their leadership and guidance as members of the Board."
In addition, on May 1, 2013, Tom Davis was appointed to replace Engles as the Chairman of the Board of Dean Foods. Davis has served as an independent director of Dean Foods since 2001 and was serving as the Lead Director of the Dean Foods board of directors at the time of his appointment as Chairman. He has more than 20 years of experience as an investment banker and the Dean Foods Board of Directors believes this experience brings invaluable strategic insight in the area of finance and will serve the company well in his role as Chairman of the Board.