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08/21/2008

J.M. Smucker Promotes Key Leaders

On June 4, 2008, The J.M. Smucker Company announced the execution of an agreement with The Procter & Gamble Company to merge the Folgers coffee business into Smucker. At the time of the announcement, Tim and Richard Smucker, co-chief executive officers of Smucker, acknowledged that this transaction will dramatically increase the company's size and scale and will require a new organizational structure that will best address the needs of all the company's brands and businesses. Thus, the company announced that its Board of Directors has approved the following changes:

> Timothy P. Smucker's title is changed from chairman and co-chief executive officer to chairman of the board and co-chief executive officer.
> Richard K. Smucker's title is changed from president and co-chief executive officer to executive chairman and co-chief executive officer. He will also continue in his capacity as president of the company.
> Vincent C. Byrd is promoted from senior vice president of consumer business to president of the newly created coffee strategic business area (SBA). Byrd, who has been with the company for 31 years, will immediately begin work with Smucker's internal integration team as well as the Procter & Gamble and Folgers teams to ensure the smooth integration and ongoing success of the Folgers business.
> Steven Oakland is promoted to president of the consumer business. Oakland most recently served as vice president of the Smucker oils and baking SBA.
> Mark Smucker is promoted to president of the special markets SBA, which includes the company's foodservice and beverage groups as well as its Canadian and international operations after serving as vice president of international.
> Paul Smucker Wagstaff is promoted from vice president of foodservice and beverage markets to president of the oils and baking SBA.
> Barry Dunaway, formerly vice president of corporate development, is named senior vice president of the newly created corporate and organization development office with combined responsibility for mergers/acquisitions and human resources.

According to Tim Smucker, chairman of the board and co-chief executive officer, "This is a team steeped in our company's culture and with a proven track record of growing and strengthening brands."

"Over the last six years we have added several brands [12 acquisitions with Folgers] to our portfolio," says Richard Smucker, executive chairman and co-chief executive officer. "Vincent, Steve, Mark, Paul and Barry have all played an integral part in the successful integration and management of those brands."