Freshpet, Inc. (NASDAQ: FRPT) (“Freshpet” or the “Company”) today
announced that David J. West has been appointed to the Company’s
Board of Directors (the “Board”), effective July 21, 2023. Mr. West
will serve on the Board’s Audit Committee.
Mr. West is an accomplished pet food and consumer products
executive who brings over three decades of experience leading a
range of blue-chip consumer companies and well-known brands. His
experience includes serving as Chief Executive Officer of Big Heart
Pet Brands (formerly a part of Del Monte Foods) and as Chief
Executive Officer, President and director of The Hershey Company
(“Hershey”).
“Dave is a highly regarded industry veteran with a track record
of driving growth at the helm of pet food and consumer goods
companies. We are thrilled to welcome him to the Board,” said Walt
George, Chair of the Board. “As Freshpet continues to build on its
strong brand loyalty and growth momentum, Dave will bring valuable
operating and financial insights and perspective drawn from a
successful career as CEO, CFO and director at leading public
companies in our industry. We look forward to leveraging his
expertise to support our continued growth and create value for our
shareholders.”
Mr. West said, “As a long-time admirer of Freshpet, I am honored
to join the Company’s Board of Directors. I look forward to
contributing my operating and financial expertise in pure play pet
food and treats to the Board as Freshpet executes its strategy to
drive profitability and deliver long-term, sustainable value to its
shareholders.”
Mr. West will stand for election as a Class III director at the
Company’s 2023 annual meeting of shareholders (the “Annual
Meeting”), and replaces Charles Norris, who is retiring from the
Board immediately and not standing for election in accordance with
the Company’s mandatory retirement policy. In accordance with the
previously announced Chair transition, current director and Chair
of the Board’s Nominating, Governance and Sustainability Committee
Walt George has assumed the role of Chair of the Board, effective
immediately.
With the addition of Mr. West and retirement of Mr. Norris, the
Board is now comprised of 10 directors, nine of whom are
independent. Today’s announcement continues the Board’s refreshment
process, which also included the recent appointment of former
Conagra executive David Biegger to the Board this past May.
Continued Progress on Governance Transformation
Roadmap
Today’s announcement demonstrates continued progress on the
Board’s multi-year governance transformation roadmap to support the
Company’s continued growth. Announced in 2020, this governance
transformation has included implementing a staged declassification
of the Board and the elimination of all supermajority voting
provisions, significant refreshment of the Board’s composition,
diversity and expertise, and other notable governance enhancements
commensurate with Freshpet’s continued growth and expansion.
David J. West Biography
Mr. West has served as a partner of Centerview Capital Consumer
since May 2016. He previously served as Chief Executive Officer and
President of Big Heart Pet Brands (formerly a part of Del Monte
Foods) from August 2011 to March 2015, one of the world’s largest
pure-play pet food and treats company at that time. Mr. West
oversaw the creation of approximately $2 billion of equity value
for investors during his tenure as CEO of Big Heart Pet Brands,
where he repositioned the business to increase focus on growth and
innovation, launched new products, enhanced specialty pet
distribution channels, led the company through its rebrand and
oversaw the company’s sale to The J. M. Smucker Company in March
2015. He then served The J. M. Smucker Company as President, Big
Heart Pet Food and Snacks until March 2016 and as a Senior Advisor
until April 2016.
Mr. West previously served as CEO, President and director of
Hershey from 2007 to May 2011. Under his leadership, Hershey
increased its investment in domestic and international operations,
improved the effectiveness of its supply chain and business model,
and accelerated its advertising, brand building and distribution
programs. Prior serving as CEO, Mr. West spent a decade in various
leadership roles at Hershey, including serving as Chief Operating
Officer, Chief Financial Officer, Chief Customer Officer, and
Senior Vice President of Strategy and Business Development. Prior
to Hershey, Mr. West held a range of senior positions at the
Nabisco Biscuit and Snacks group, including Senior Vice President,
Finance, and Vice President, Corporate Strategy and Business
Planning.
Mr. West is currently a member of the Board of Directors of
Advantage Solutions Inc. and Simply Good Foods and was a member of
the Board of Directors of Hershey (from 2007 to 2011), Del Monte
Foods (from 2011 to 2014), Big Heart Pet Brands (from 2014 to 2015)
and The J. M. Smucker Company (from 2015 to 2016). He received a
bachelor of science degree, cum laude, in Business Administration
from Bucknell University in Lewisburg, Pennsylvania.
About FreshpetFreshpet is the leading fresh
food for dogs and cats. Since its conception in 2006, Freshpet has
been on a mission to transform the lives of dogs and cats through
the power of fresh, nutritious food, while pushing the boundaries
of sustainable practices. The recipes are developed by Veterinarian
Nutritionists and made with natural whole ingredients, like fresh
meats, vegetables and fruits, which are cooked in small batches at
lower temperatures to preserve their natural goodness.
Sustainably-made in Bethlehem, PA and their new Kitchens in Ennis
TX, Freshpet foods and treats are kept refrigerated until they
arrive at Freshpet fridges in your local market, or are delivered
direct to your door.
Freshpet is available in a growing number of mass, grocery,
natural food, club, and pet specialty retailers across the United
States, Canada and Europe, as well as online in the U.S. for direct
delivery and through its partnership with Petco. From the care
taken in partnering with farmers whose values align with theirs, to
how each recipe is made, Freshpet’s commitment to integrity,
transparency and social responsibility is a point of pride.
Connect with
Freshpet:https://www.facebook.com/Freshpethttps://twitter.com/Freshpethttp://instagram.com/Freshpethttp://pinterest.com/Freshpethttps://www.tiktok.com/@freshpet
Forward-Looking StatementsCertain of the
Company’s statements included herein constitute “forward-looking”
statements, including statements related to the future impact of
the novel coronavirus, the future progress of our Freshpet Kitchens
expansion, future governance changes, our growth potential and
plans, our projected or targeted operating results, our ability to
meet our sustainability targets, goals, and commitments, including
due to the impact of climate change, our expectations regarding our
future operating and economic environment, and our long-term
capacity planning. These statements are based on management’s
current opinions, expectations, beliefs, plans, objectives,
assumptions or projections regarding future events or future
results. These forward-looking statements are only predictions, not
historical fact, and involve certain risks and uncertainties, as
well as assumptions. Actual results, levels of activity,
performance, achievements and events could differ materially from
those stated, anticipated or implied by such forward-looking
statements. While Freshpet believes that its assumptions are
reasonable, it is very difficult to predict the impact of known
factors, and, of course, it is impossible to anticipate all factors
that could affect actual results. There are risks and uncertainties
that could cause actual results to differ materially from
forward-looking statements made herein, including potential costs
associated with shareholder activism. For a detailed discussion of
risks, uncertainties and other factors that could cause our actual
results to differ materially from those anticipated or expressed in
any forward-looking statements, see the section entitled “Risk
Factors” in the Company’s latest annual report on Form 10-K and its
quarterly reports on Form 10-Q filed with the SEC. Such
forward-looking statements are made only as of the date they are
made. Freshpet undertakes no obligation to publicly update or
revise any forward-looking statement because of new information,
future events or otherwise, except as otherwise required by law. If
we do update one or more forward-looking statements, no inference
should be made that we will make additional updates with respect to
those or other forward-looking statements.
Important Additional Information and Where to Find
ItThis communication is being made in connection with the
Company’s upcoming 2023 annual meeting of shareholders (the “Annual
Meeting”). The Company intends to file a proxy statement (the
“Proxy Statement”), an accompanying WHITE proxy card and other
relevant documents with the Securities and Exchange Commission (the
“SEC”) in connection with the Annual Meeting. BEFORE MAKING ANY
VOTING DECISION, SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING. Security holders
may obtain free copies of the Definitive Proxy Statement and other
documents containing important information about Freshpet once such
documents are filed with the SEC, free of charge through the
website maintained by the SEC at www.sec.gov. Copies of the
documents will also be available free of charge on the “Investors”
section of Freshpet’s website at www.investors.freshpet.com.
Participants in the SolicitationFreshpet,
members of our Board of Directors and certain of our executive
officers are “participants” in the solicitation of proxies from the
Company’s shareholders in connection with the Annual Meeting.
Information regarding the Company’s Board of Directors and
executive officers and their respective interests in the Company,
by security holdings or otherwise, is set forth in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2022, filed with the SEC on February 28, 2023, as amended on May 1,
2023. To the extent such ownership interests have changed since
such filings, such changes have been reflected on Statements of
Change in Ownership on Form 4 filed with the SEC, and will be
reflected in the Proxy Statement for the 2023 Annual Meeting when
filed with the SEC. Security holders may obtain free copies of
these documents as described above.
Investor Contact:ICRJeff
Sonnek646-277-1263Jeff.sonnek@icrinc.com
Media
Contact:Freshpet@edelmansmithfield.com
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