Diamond Foods Appoints Raymond P. Silcock Chief Financial Officer
June 10 2013 - 5:49PM
Diamond Foods, Inc. (Nasdaq:DMND) ("Diamond") today announced the
appointment of Raymond P. Silcock as Executive Vice President and
Chief Financial Officer, effective June 11, 2013. Mr. Silcock
replaces Michael Murphy, who has served as Interim Chief Financial
Officer since February 8, 2012.
"We are pleased to have Ray join the Diamond team," said Brian
Driscoll, President and Chief Executive Officer of Diamond Foods.
"He brings us extensive food and beverage industry, financial
operations and capital structure experience. We look forward to
leveraging his expertise, which includes a strong track record of
managing and improving finance and accounting functions, as well as
improving balance sheets, as we continue to focus on the Company's
strategy to drive long-term, profitable growth for our
shareholders."
"I am delighted to be joining Diamond Foods and look forward to
working with senior management and the finance and accounting teams
as we seek to provide continued strong financial oversight and
enhanced financial performance as the Company executes on its key
initiatives, including driving margin expansion and more
sustainable topline growth," said Mr. Silcock. "I look
forward to taking part in and contributing to Diamond's
future."
"On behalf of the Board, I would like to thank Mike Murphy for
his contributions to the Company over the past sixteen months,
during which Diamond has made tremendous strides," said Robert J.
Zollars, Chairman of the Board of Directors of Diamond
Foods. "We wish him well in his future endeavors."
Mr. Silcock, 62, was most recently Chief Financial Officer of
the Great Atlantic & Pacific Tea Company. Prior to holding
that position, Mr. Silcock served as the Chief Financial Officer of
several publicly and privately-held companies in the food and
beverage industry, including UST Inc., Swift & Company and
Delimex Holdings. Mr. Silcock was also Chief Financial Officer
of Cott Corporation for seven years, where he was instrumental in
driving the restructuring and turnaround of that business. Mr.
Silcock began his career with Campbell Soup Company in 1979 and
spent the next eighteen years advancing through financial
management roles, culminating in his promotion to Vice President,
Finance for the Bakery and Confectionery Division. Mr. Silcock
is a member of the Board of Directors of Pinnacle Foods
Corporation. He holds an MBA from the Wharton School of the
University of Pennsylvania and is a Fellow of the Chartered
Institute of Cost & Management Accountants (UK).
About Diamond Foods
Diamond Foods is an innovative packaged food company focused on
building and energizing brands including Kettle® Chips, Emerald®
snack nuts, Pop Secret® popcorn, and Diamond of California® nuts.
Diamond's products are distributed in a wide range of stores where
snacks and culinary nuts are sold. For more information visit our
corporate web site: www.diamondfoods.com.
Forward-Looking Statements
This press release includes forward-looking statements,
including statements about financial oversight and performance,
expanding margins, growth in revenues, prospects for profitable
growth and execution of the Company's strategies. Actual
results may differ materially from what we currently expect because
of many risks and uncertainties, including: Statements about
Diamond's key initiatives, including driving margin expansion and
more sustainable topline growth. We use the words "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "seek," "may"
and other similar expressions to identify forward-looking
statements. These forward-looking statements are based on our
assumptions, expectations and projections about future events only
as of the date of this press release, and we make such
forward-looking statements pursuant to the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. We do
not undertake any obligation to update forward-looking statements
to reflect events or circumstances occurring after the date of this
press release. Many of our forward-looking statements are
subject to trends and potential developments discussed in the "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of the periodic
reports that we file with the SEC. Actual results may differ
materially from what we currently expect because of many risks and
uncertainties, such as: risks relating to our leverage and
its effect on our ability to respond to changes in our business,
markets and industry; potential increases in the cost of our debt;
uncertainty about our ability to raise additional capital and the
possible dilutive impact of raising such capital; risks relating to
litigation and regulatory proceedings; uncertainties relating to
availability and cost of walnuts and other raw materials;
increasing competition and possible loss of key customers; and
general economic and capital markets conditions.
CONTACT: Investors:
Diamond Foods
Linda Segre
SVP, Corporate Strategy
(415) 445-7444
lsegre@diamondfoods.com
Media:
Sard Verbinnen & Co for Diamond Foods
Stacy Roughan or Alyssa Linn
(310) 201-2040 or (415) 618-8750
sroughan@sardverb.com
alinn@sardverb.com
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