Ocean Spray Appoints New CFO

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Ocean Spray Appoints New CFO

Ocean Spray Cranberries Inc. announces the retirement of Tim Chan, senior vice president and chief financial officer. Chan, who has been the CFO since 2000, will retire from Ocean Spray effective September 1, 2010.

In his place, Richard Lees is appointed to the position of senior vice president and chief financial officer effective immediately. Lees was previously vice president, Finance and Treasury, and led the Financial Planning and Analysis department for the last four years at Ocean Spray as well as the Treasury function for the last nine months. Previously, Lees has held the positions of vice president and controller of the Pillsbury Company, chief financial officer of Dannon North America and vice president of Finance for Gillette North America.

During Chan's and Lees' tenure, Ocean Spray has experienced significant growth in net sales and net proceeds. Since 2005, Ocean Spray has grown revenue more than 41 percent and profits more than 94 percent. During that same time span Ocean Spray has grown return per barrel paid to its grower-owners more than 65 percent.