CAG ConAgra Brands Inc

ConAgra Foods Inc. (NYSE:CAG), one of America�s leading packaged food companies, held its annual shareholder meeting in Omaha, Neb., today. Nearly a year after joining ConAgra Foods, Chief Executive Officer Gary Rodkin reviewed key elements of the progress that the company has made in its plans to become a leading packaged foods company that achieves long-term, sustainable growth. Shareholders approved the Board of Directors� recommendations on all three proxy items presented for vote, including the election of directors, the ratification of the independent auditors for fiscal 2007, and the adoption of the ConAgra Foods 2006 Stock Plan. Steve Goldstone, ConAgra Foods� non-executive chairman of the board, opened the meeting, noting that changes to this year�s annual meeting, as well as the new annual report format, represent simpler, more cost-effective approaches that benefit shareholders. He said similar efforts to simplify processes across the company are designed to provide the fuel for product innovation, increased marketing investment, and, ultimately, sustainable, profitable growth. He pointed to the hiring of CEO Gary Rodkin as the biggest change over the past year. �Gary has brought to ConAgra Foods a new approach and vision,� Goldstone said. �I want to express my confidence in Gary�s leadership, and the path he is taking to unlock the company�s potential for sustainable, profitable growth.� Rodkin provided a review of fiscal 2006, noting, �We�re very different than we were a year ago, and the future is brighter than ever, but our journey has just started. I believe ConAgra Foods has more upside potential than any other major consumer products company.� Rodkin noted a number of key accomplishments during the year: Introducing a �one-company� approach based on a culture of simplicity, accountability and collaboration. Building a strong leadership team through the addition of several industry leaders and new enterprisewide functions. Refocusing the company�s portfolio by divesting non-core businesses, such as refrigerated meats, seafood and cheese, and increasing the focus on brands and products that have the potential to generate a greater return on investment. Creating a more sustainable dividend. The decision last March to reduce the dividend has provided more flexibility for investing in long-term, sustainable growth. Regarding capital allocation, Rodkin noted that today the company declared a dividend payment of $0.18 per common share, payable on Dec. 1, 2006, to shareholders of record on Oct. 30, 2006. He said the company authorized today an additional $500 million for future stock repurchases, depending on market conditions. Rodkin also shared the company�s strategic vision and six �Must Do�s� that will serve as the foundation for driving sustainable, profitable growth. He noted that ConAgra Foods� vision �will enable us to build an even more prosperous business well into the future.� Approximately 500 shareholders attended ConAgra Foods annual shareholder meeting. ConAgra Foods Inc.(NYSE:CAG) is one of North America's leading packaged food companies serving grocery retailers, as well as restaurants and other foodservice establishments. Popular ConAgra Foods consumer brands include: Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM, Reddi-wip, and many others. Annual Shareholder Meeting Webcast: A replay of the ConAgra Foods Fiscal 2006 Annual Meeting of Shareholders will be available via webcast through www.conagrafoods.com/investors beginning at 4:30 p.m. EDT on Thursday, Sept. 28, 2006. Note on Forward-looking Statements: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management�s current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circumstances. The company undertakes no responsibility to update these statements. Readers of this release should understand that these statements are not guarantees of performance or results. Many factors could affect the company�s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements. These factors include, among other things, future economic circumstances, industry conditions, availability and prices of raw materials, product pricing, competitive environment and related market conditions, operating efficiencies, the company�s ability to execute its operating and restructuring plans, access to capital, actions of governments and regulatory factors affecting the company�s businesses and other risks described in the company�s reports filed with the Securities and Exchange Commission. The company cautions readers not to place undue reliance on any forward-looking statements included in this release, which speak only as of the date made. ConAgra Foods Inc. (NYSE:CAG), one of America's leading packaged food companies, held its annual shareholder meeting in Omaha, Neb., today. Nearly a year after joining ConAgra Foods, Chief Executive Officer Gary Rodkin reviewed key elements of the progress that the company has made in its plans to become a leading packaged foods company that achieves long-term, sustainable growth. Shareholders approved the Board of Directors' recommendations on all three proxy items presented for vote, including the election of directors, the ratification of the independent auditors for fiscal 2007, and the adoption of the ConAgra Foods 2006 Stock Plan. Steve Goldstone, ConAgra Foods' non-executive chairman of the board, opened the meeting, noting that changes to this year's annual meeting, as well as the new annual report format, represent simpler, more cost-effective approaches that benefit shareholders. He said similar efforts to simplify processes across the company are designed to provide the fuel for product innovation, increased marketing investment, and, ultimately, sustainable, profitable growth. He pointed to the hiring of CEO Gary Rodkin as the biggest change over the past year. "Gary has brought to ConAgra Foods a new approach and vision," Goldstone said. "I want to express my confidence in Gary's leadership, and the path he is taking to unlock the company's potential for sustainable, profitable growth." Rodkin provided a review of fiscal 2006, noting, "We're very different than we were a year ago, and the future is brighter than ever, but our journey has just started. I believe ConAgra Foods has more upside potential than any other major consumer products company." Rodkin noted a number of key accomplishments during the year: -- Introducing a "one-company" approach based on a culture of simplicity, accountability and collaboration. -- Building a strong leadership team through the addition of several industry leaders and new enterprisewide functions. -- Refocusing the company's portfolio by divesting non-core businesses, such as refrigerated meats, seafood and cheese, and increasing the focus on brands and products that have the potential to generate a greater return on investment. -- Creating a more sustainable dividend. The decision last March to reduce the dividend has provided more flexibility for investing in long-term, sustainable growth. Regarding capital allocation, Rodkin noted that today the company declared a dividend payment of $0.18 per common share, payable on Dec. 1, 2006, to shareholders of record on Oct. 30, 2006. He said the company authorized today an additional $500 million for future stock repurchases, depending on market conditions. Rodkin also shared the company's strategic vision and six "Must Do's" that will serve as the foundation for driving sustainable, profitable growth. He noted that ConAgra Foods' vision "will enable us to build an even more prosperous business well into the future." Approximately 500 shareholders attended ConAgra Foods annual shareholder meeting. ConAgra Foods Inc.(NYSE:CAG) is one of North America's leading packaged food companies serving grocery retailers, as well as restaurants and other foodservice establishments. Popular ConAgra Foods consumer brands include: Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM, Reddi-wip, and many others. Annual Shareholder Meeting Webcast: A replay of the ConAgra Foods Fiscal 2006 Annual Meeting of Shareholders will be available via webcast through www.conagrafoods.com/investors beginning at 4:30 p.m. EDT on Thursday, Sept. 28, 2006. Note on Forward-looking Statements: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circumstances. The company undertakes no responsibility to update these statements. Readers of this release should understand that these statements are not guarantees of performance or results. Many factors could affect the company's actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements. These factors include, among other things, future economic circumstances, industry conditions, availability and prices of raw materials, product pricing, competitive environment and related market conditions, operating efficiencies, the company's ability to execute its operating and restructuring plans, access to capital, actions of governments and regulatory factors affecting the company's businesses and other risks described in the company's reports filed with the Securities and Exchange Commission. The company cautions readers not to place undue reliance on any forward-looking statements included in this release, which speak only as of the date made.