LAKE SUCCESS, N.Y.,
June 25, 2018 /PRNewswire/
-- The Hain Celestial Group, Inc. (Nasdaq: HAIN) ("Hain
Celestial" or the "Company"), a leading organic and natural
products company with operations in North
America, Europe,
Asia and the Middle East providing consumers with A
Healthier Way of Life™, today announced a Chief Executive Officer
succession plan, whereby, upon the hiring of a new Chief Executive
Officer, Irwin D. Simon, Founder,
President and Chief Executive Officer will become Non-Executive
Chairman of the Board for a transition period to work closely with
the incoming Chief Executive Officer. Hain Celestial's Board
of Directors has engaged a leading global executive search firm to
assist the Corporate Governance and Nominating Committee in
identifying a successor for the role of President and Chief
Executive Officer.
Irwin D. Simon commented, "When I
founded the Company 25 years ago, one of my goals was to educate
and change the way the world eats and lives through a relentless
focus on providing organic, natural and better-for-you products to
consumers. I am incredibly proud of the company we have
built. It has been a privilege to lead our dedicated team and
drive our mission forward."
He continued, "Hain Celestial has been a visionary in the
organic and natural products industry, and we are still leading the
way. This is an exciting time of business transformation for
us as we build upon our considerable achievements and advance our
strategic growth and cost savings objectives via Project Terra to
create shareholder value. I firmly believe that some of our
greatest opportunities lie ahead, and I am confident now is the
right time for our next generation of leadership. I look
forward to working with the Board of Directors in its search for
the next Chief Executive Officer as we seek to capitalize on our
enviable position as a leader in organic, natural and
better-for-you products."
Andrew R. Heyer, Hain Celestial's
Lead Director commented, "Irwin is an incredible entrepreneur and
pioneer in the organic and natural foods industry, where he started
with a vision and built it into a $3
billion company. On behalf of the Board of Directors
and the entire Hain Celestial team, I want to thank Irwin for his
vision, leadership, commitment and tremendous contributions over
his distinguished 25-year career since founding Hain
Celestial."
Andrew Heyer continued, "The
Board of Directors is committed to conducting a thorough and
comprehensive search to identify the best person to serve as the
Company's next President and Chief Executive Officer. In
addition, the Working Group previously established by our Board of
Directors to consider strategic alternatives for the Company,
continues to aggressively evaluate its portfolio of businesses,
brands and operating strategy to further enhance shareholder
value."
The Company also reiterated its fiscal year 2018 financial
guidance previously provided on May 8,
2018, and remains on track to complete the divestiture of
Hain Pure Protein Corporation during the first half of fiscal year
2019.
About The Hain Celestial Group, Inc.
The Hain
Celestial Group (Nasdaq: HAIN), headquartered in Lake Success, NY, is a leading organic and
natural products company with operations in North America, Europe, Asia
and the Middle East. Hain Celestial participates in many
natural categories with well-known brands that include Celestial
Seasonings®, Earth's Best®, Ella's Kitchen®, Terra®, Garden of
Eatin'®, Sensible Portions®, Health Valley®, Arrowhead Mills®,
MaraNatha®, SunSpire®, DeBoles®, Casbah®, Rudi's Organic Bakery®,
Gluten Free Café™, Hain Pure Foods®, Spectrum®, Spectrum
Essentials®, Walnut Acres Organic®, Imagine®, Almond Dream®, Rice
Dream®, Soy Dream®, WestSoy®, The Greek Gods®, BluePrint®,
FreeBird®, Plainville Farms®, Empire®, Kosher Valley®, Yves Veggie
Cuisine®, Better Bean®, Europe's
Best®, Cully & Sully®, New Covent Garden Soup Co.®, Yorkshire
Provender™, Johnson's Juice Co.®, Farmhouse Fare®, Hartley's®,
Sun-Pat®, Gale's®, Clarks™, Robertson's®, Frank Cooper's®, Linda McCartney®, Lima®,
Danival®, Happy®, Joya®, Natumi®, GG UniqueFiber®, Tilda®, JASON®,
Avalon Organics®, Alba Botanica®, Live Clean® and Queen
Helene®. Hain Celestial has been providing A Healthier Way of
Life™ since 1993. For more information, visit
www.hain.com.
Safe Harbor Statement
Certain statements contained in
this press release constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are predictions based on
expectations and projections about future events and are not
statements of historical fact. You can identify
forward-looking statements by the use of forward-looking
terminology such as "plan", "continue", "expect", "anticipate",
"intend", "predict", "project", "estimate", "likely", "believe",
"might", "seek", "may", "will", "remain", "potential", "can",
"should", "could", "future" and similar expressions, or the
negative of those expressions, or similar words or phrases that are
predictions of or indicate future events or trends and that do not
relate solely to historical facts. You can also identify
forward-looking statements by discussions of the Board of
Director's Chief Executive Officer succession plan, Project Terra
strategic initiatives, the Company's potential divestiture of its
Hain Pure Protein business, and our future performance and results
of operations. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, levels of activity, performance or achievements of
the Company, or industry results, to be materially different from
any future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements, and you
should not rely on them as predictions of future events.
Forward-looking statements depend on assumptions, data or methods
that may be incorrect or imprecise and may not be able to be
realized. We do not guarantee that the transactions and
events described will happen as described (or that they will happen
at all). Such factors, include, among others, the Company's
beliefs or expectations relating to (i) the Company's guidance for
Fiscal Year 2018; (ii) the Company's ability to identify a
successor for the role of President and Chief Executive Officer;
(iii) the Company's ability to capitalize on its position as a
leader in organic, and natural, better-for-you products; (iv) the
potential divestiture of the Hain Pure Protein business during the
first half of fiscal year 2019; (v) the Company's ability to
execute long term strategic priorities, strategic alternatives,
operating strategies and Project Terra initiatives to enhance
stockholder value; (vi) the Company's ability to simplify its brand
portfolio; (vii) the Company's ability to mitigate business
disruption; and the other risks detailed from time-to-time in the
Company's reports filed with the United States Securities and
Exchange Commission. As a result of the foregoing and other
factors, the Company cannot provide any assurance regarding future
results, levels of activity and achievements of the Company, and
neither the Company nor any person assumes responsibility for the
accuracy and completeness of these statements. All
forward-looking statements contained herein apply as of the date
hereof or as of the date they were made and, except as required by
applicable law, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflects changes
in underlying assumptions or factors of new methods, future events
or other changes.
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SOURCE The Hain Celestial Group, Inc.