United Natural Foods Announces Appointment of CEO Steven L. Spinner to Chairman
October 31 2016 - 4:05PM
Business Wire
United Natural Foods, Inc. (Nasdaq: UNFI) (the "Company") today
announced that its President and Chief Executive Officer, Steven L.
Spinner, was appointed Chairman of UNFI’s Board of Directors,
effective following the Company’s Annual Meeting of Stockholders in
December 2016. Mr. Spinner will succeed Michael S. Funk, the
co-founder, former Chief Executive Officer and current Chairman of
UNFI, who will remain a director.
“Thanks to Steve’s leadership over the last eight years UNFI has
undergone a dramatic evolution,” said James P. Heffernan, UNFI’s
lead independent director. “On behalf of the Board of Directors, we
have confidence in Steve’s ability to continue to execute upon
UNFI’s strategic vision for growth. I would also like to thank
Michael for his exemplary leadership of our Board and his continued
guidance, input and leadership.”
“I appreciate the Board’s recognition of the Company’s success
and its confidence in our future,” said Mr. Spinner. “We have
accomplished a great deal in building our business and developing
an incredibly talented team of people and we believe we are
beginning to see the results of our strategic initiatives.”
“After 40 years of being involved with UNFI, I am as excited as
ever about our future,” said Mr. Funk. “Steve and I enjoy a great
working relationship and I look forward to continuing to work with
him as a member of UNFI’s Board.”
Mr. Spinner has served as UNFI’s President and Chief Executive
Officer and as a member of the Company’s Board of Directors since
September 2008. Over that period, UNFI’s net sales have grown from
approximately $3.5 billion in Fiscal 2009 to nearly $8.5 billion in
Fiscal 2016.
About United Natural Foods
United Natural Foods, Inc. (http://www.unfi.com) carries and
distributes more than 100,000 products to more than 43,000 customer
locations throughout the United States and Canada. The Company
serves a wide variety of retail formats including conventional
supermarket chains, natural product superstores, independent retail
operators and the food service channel. United Natural Foods, Inc.
was ranked by Forbes Magazine in 2014 as one of “America's Best
Managed Companies.”
For more information on United Natural Foods, Inc., visit the
Company's website at 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
and are based on current expectations and management estimates;
actual results may differ materially. The risks and uncertainties
which could impact these statements are described in the Company's
filings under the Securities Exchange Act of 1934, as amended,
including its annual report on Form 10-K filed with the Securities
and Exchange Commission (the "SEC") on September 28, 2016 and other
filings the Company makes with the SEC, and include, but are not
limited to, the ability of the Company to retain Haddon House’s,
Nor-Cal's, Global Organic's and Gourmet Guru's customers on terms
similar to those in place prior to the Company’s acquisition of
these businesses; the Company's dependence on principal customers;
the Company's sensitivity to general economic conditions, including
the current economic environment; changes in disposable income
levels and consumer spending trends; the Company's ability to
reduce its expenses in amounts sufficient to offset its increased
focus on sales to conventional supermarkets and the shift in the
Company's product mix as a result of its acquisition of Tony's Fine
Foods and the resulting lower gross margins on those sales; the
Company's reliance on the continued growth in sales of natural and
organic foods and non-food products in comparison to conventional
products; increased competition in the Company's industry as a
result of increased distribution of natural, organic and specialty
products by conventional grocery distributors and direct
distribution of those products by large retailers; the Company's
ability to timely and successfully deploy its warehouse management
system throughout its distribution centers and its transportation
management system across the Company; the addition or loss of
significant customers; volatility in fuel costs; the Company's
sensitivity to inflationary and deflationary pressures; the
relatively low margins and economic sensitivity of the Company's
business; the potential for disruptions in the Company's supply
chain by circumstances beyond its control; the risk of interruption
of supplies due to lack of long-term contracts, severe weather,
work stoppages or otherwise; consumer demand for natural and
organic products outpacing suppliers’ ability to produce those
products; moderated supplier promotional activity, including
decreased forward buying opportunities; union-organizing activities
that could cause labor relations difficulties and increased costs;
the ability to identify and successfully complete acquisitions of
other natural, organic and specialty food and non-food products
distributors; management's allocation of capital and the timing of
capital expenditures; and the Company's ability to successfully
deploy its operational initiatives to achieve synergies from the
acquisitions of Tony’s Fine Foods, Global Organic, Nor-Cal, Haddon
House, and Gourmet Guru. 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 estimates of future results of operations are
based on a number of assumptions, many of which are outside the
Company's control and should not be construed in any manner as a
guarantee that such results will in fact occur. These estimates are
subject to change and could differ materially from final reported
results. The Company may from time to time update these publicly
announced estimates, but it is not obligated to do so.
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United Natural Foods, Inc.Halie O'SheaDirector Investor
Relations & Corporate Strategy(401) 528-8634orICRKatie
TurnerGeneral Information(646) 277-1228
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