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Imperial Sugar Announces Completion of CEO Transition
SUGAR LAND, Texas-(Business Wire)-January 29, 2008 - Imperial Sugar Company (NASDAQ:IPSU) today confirmed the appointment of John C. Sheptor as president and chief executive officer and elected him to its Board of Directors, replacing Robert A. Peiser in each of these capacities. These actions are the culmination of a plan of succession that was announced last November.
Mr. Sheptor, 49, joined Imperial as executive vice president and chief operating officer in February 2007 and has been responsible for all operations, logistics, sales, marketing, customer service and commodities management areas that support Imperial's evolving go-to-market strategies. Prior to joining Imperial, Mr. Sheptor held the position of Project Director from 2005 to 2007 for the Supply Chain Management System initiative funded under President Bush's Emergency Plan for HIV/AIDS Relief in Washington, DC. Previously, he was Executive Vice President of Merisant Worldwide, Inc., the distributor of Equal(R) from 2001 to 2004, where he led all global operations, including manufacturing, R&D and Information Technologies. Prior to that position, he held general management, supply chain and manufacturing positions for Monsanto Company with a substantial international focus.
Mr. Peiser, 59, who was appointed Vice Chairman, joined Imperial as president and ceo in 2002 and was the architect of its subsequent financial restructuring, its continued balance sheet improvements, the development of an innovative approach to packaging and improved operational performance as well as certain business development efforts. He will continue to assist in strategic projects as well as with industry and governmental affairs.
Imperial's Chairman of the Board James Gaffney said: "Speaking for our entire Board, we look forward to building on past accomplishments with John as our new chief executive. We all think that his talents, experience and vision, which include significant international activities, a focus on R&D and an extensive operations background, are very consistent with the current needs of the Company. We would also like to express our appreciation to Bob for his significant contributions during the past six years. Under his leadership, the Company was transitioned from a financially weak organization into an extremely well capitalized company that, while smaller, is better focused, with a reputation for innovation throughout the industry."
About Imperial Sugar
Imperial Sugar Company is one of the largest processors and marketers of refined sugar in the United States to food manufacturers, retail grocers and foodservice distributors. The Company markets products nationally under the Imperial(R), Dixie Crystals(R) and Holly(R) brands. For more information about Imperial Sugar, visit www.imperialsugar.com.
Statements regarding future market prices and margins, future import and export levels, future government and legislative action, future operating results, future availability of raw sugar, operating efficiencies, future investments and initiatives, future cost savings, future product innovations, future energy costs, our liquidity and ability to finance our operations, future pension payments and other statements that are not historical facts contained in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include, but are not limited to, market factors, farm and trade policy, our ability to realize planned cost savings and other improvements, the available supply of sugar, energy costs, the effect of weather and economic conditions, results of actuarial assumptions, actual or threatened acts of terrorism or armed hostilities, legislative, administrative and judicial actions and other factors detailed in the Company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.
