Tasty Baking Company Shareholders Elect Board Members at Annual Meeting; Company Declares Regular Quarterly Cash Dividend; James
May 12 2005 - 3:12PM
Business Wire
Tasty Baking Company (NYSE:TBC) announced that shareholders
approved the company's nominees to its Board of Directors at its
annual meeting of shareholders on May 12, 2005. The following
directors were elected for the first time for a term expiring in
2008: -- James C. Hellauer, 66, is the Executive Director of the
Colmen Group, a consulting company which provides management
services to middle market companies. Hellauer is also a director of
PMA Capital Corporation, a property and casualty holding company.
-- James E. Nevels, 53, is the Chairman of The Swarthmore Group, an
independent registered investment advisor. Nevels is also Chairman
of the Philadelphia School Reform Commission, which has been
charged with overseeing the turnaround of the Philadelphia School
System. He also currently serves as a member of the Board of Berea
College, the Board of Directors of the Association of Governing
Boards and Colleges and Universities; the Board of Visitors, Temple
University-Fox School of Business and Management; and the Board of
Overseers of the University of Pennsylvania Law School. Last year
Nevels was appointed to serve on the Advisory Committee to the
Pension Benefit Guaranty Corporation. Reelected at the meeting was
Fred C. Aldridge, 72, who has served on the Tasty Board since 1981.
Retired as a partner from the Philadelphia law firm of Stradley,
Ronon, Stevens & Young, LLP, Aldridge is President of The Grace
S. and W. Linton Nelson Foundation, a charitable foundation, and
Vice President/Special Counsel to the Independent
Trustees/Directors of each of the Funds in the Delaware Investments
Family of Funds. Hellauer, Nevels and Aldridge join the following
Directors: -- James E. Ksansnak, Chairman of Tasty Baking Company
and retired Vice Chairman and Chief Financial Officer of ARAMARK.
-- Ronald J. Kozich, retired Managing Partner of Ernst & Young.
-- Charles P. Pizzi, President and Chief Executive Officer of Tasty
Baking Company. -- Judith M. von Seldeneck, Chairman of Diversified
Search, Inc. -- David J. West, Senior Vice President and Chief
Financial Officer of Hershey Foods Corp. Commenting on Hellauer's
and Nevel's election, James Ksansnak, Chairman of the Board of
Directors of Tasty Baking Company, said, "We look forward to having
James Hellauer and James Nevels on our Board as both individuals
have a deep understanding of the pillars of our Strategic
Transformation Plan and the steps that are required to execute
against that plan. They will be joining a Board that has already
provided significant insight as we continue our focus to drive
long-term shareholder value." Philip J. Baur, Jr., whose term
expired in 2007, was elected Director Emeritus by the Board
following his announcement to retire. Mr. Baur served on the Board
of Directors since 1954 and held various positions with the
Company, including Chairman of the Board. Upon his retirement, the
Board will now be composed of eight members, not including the
Director Emeritus position. At the meeting, shareholders also
ratified the appointment of PricewaterhouseCoopers LLP as
independent auditors for 2005. A proposal to amend the Company's
2003 Long Term Incentive Plan to increase the number of shares
available for grants under this Plan was not approved by the
shareholders. Tasty Baking Company also announced that its Board of
Directors, at its meeting on May 12, 2005, declared a regular
quarterly cash dividend of $0.05 per share on all outstanding
shares of common stock. The dividend is payable June 1, 2005, to
shareholders of record as of the close of business on May 20, 2005.
ABOUT TASTY BAKING COMPANY Tasty Baking Company (NYSE:TBC), founded
in 1914 and headquartered in Philadelphia, Pennsylvania, is one of
the country's leading bakers of snack cakes, pies, cookies, and
donuts with manufacturing facilities in Philadelphia and Oxford,
Pennsylvania. Tasty Baking Company offers more than 100 products
under the Tastykake brand name. For more information on Tasty
Baking Company, visit www.tastykake.com. In addition, consumers can
send Tastykake products throughout the United States from the
company's website or by calling 1-800-33-TASTY. "Safe Harbor
Statement" Under the Private Securities Litigation Reform Act of
1995 Except for historical information contained herein, the
matters discussed herein are forward-looking statements (as such
term is defined in the Securities Act of 1933, as amended) that are
subject to risks and uncertainties that could cause actual results
to differ materially. There are a number of factors that may cause
actual results to differ from these forward-looking statements,
including the success of marketing and sales strategies and new
product development, the price of raw materials, and general
economic and business conditions. Other risks and uncertainties
that may materially affect the company are provided in the
company's annual reports to shareholders and the company's periodic
reports filed with the Securities and Exchange Commission from time
to time, including reports on Forms 10-K and 10-Q. Please refer to
these documents for a more thorough description of these and other
risk factors.
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