Smart Balance Announces Reorganization
02 10월 2012 - 9:30PM
New Corporate Name Boulder Brands,
Inc. Corporate Headquarters Will Move To Boulder,
Colorado
Smart Balance, Inc. (Nasdaq:SMBL) today announced plans to evolve
its organizational structure to establish two business segments,
move its corporate headquarters to Boulder, CO, and change its name
to Boulder Brands, Inc.
With the recent acquisition of Udi's, the Company has determined
that it will establish two reportable operating segments, Smart
Balance and Natural, which will formalize the way the company plans
to operate its business, commencing with the third quarter of 2012,
and will provide greater clarity on the new strategic focus of the
Company. The Smart Balance segment will consist of its branded
products in spreads, butter, grocery, and milk and will be led by
John Becker, promoted to Executive Vice President of Smart
Balance. The Natural Brands segment will be comprised of the
Earth Balance, Glutino and Udi's branded products, and will be led
by TJ McIntyre, promoted to Executive Vice President of Natural
Brands. Beginning with its third quarter earnings release, the
Company plans to report by its new segment structure.
Under the new structure the Company will eliminate the role of
President and Chief Operating Officer, further stream-lining the
management team. Terry Schulke, who has served as the
Company's President and Chief Operating Officer, will be leaving
Smart Balance to pursue other opportunities.
John Becker has been with Smart Balance since January of 2011 as
Senior Vice President and General Manager for the Smart Balance
Brand. Prior to joining Smart Balance, Mr. Becker was Vice
President of Marketing for the Breyers Yogurt Company from 2007
through 2010 and held various marketing positions with Nestle from
1998 to 2007.
TJ McIntyre has been with Smart Balance since 2009 and has
served in a variety of roles, including Senior Vice President and
General Manager of Glutino and Vice President and General Manager
of Earth Balance. Prior to joining Smart Balance, Mr. McIntyre
served as Brand Manager of Silk at White Wave Foods Company,
leading up to the acquisition by Dean Foods. From 2005 through
2009, he pursued entrepreneurial endeavors in specialty tea and
coffee, including co-founding Pekoe Sip House, a regional
tea/coffee chain in Boulder, CO.
In 2013, the Company plans to move its primary corporate offices
to Boulder, CO, and change its name to Boulder Brands, Inc., which
better reflects its recent transformation to a company with
multiple brands and a greater presence in natural foods.
Commenting on the organizational change, Steve Hughes stated,
"The establishment of two business segments and the relocation of
our corporate headquarters to Boulder, CO — the Silicon Valley of
natural foods— is consistent with our long-term view of the Company
and will allow us to plan and execute on our strategy more
effectively. Our mission is to become the leading health and
wellness company building out and acquiring natural brands. In
addition, Udi's, Glutino, and Earth Balance, combined, are expected
to represent approximately 50% of revenue in 2013, making us the #4
marketer of natural brands. The decision to change our
corporate name to Boulder Brands, Inc. completes our evolution,
from when Jim Lewis and I founded the company as Boulder Specialty
Brands in 2005."
Remarking further on the appointments of John Becker and TJ
McIntyre to Executive Vice President of Smart Balance and Natural
Brands, respectively, Mr. Hughes stated, "John and TJ, who will
report directly to me, are two proven executives who will bring
leadership and innovation to their business segments. John led
our development and launch into Better Butter and will, in the near
term, maintain focus to hold the line on profits in our core
spreads and grocery until broader economic conditions improve and
we can move Smart Balance back into a growth platform. TJ
contributed tremendously to the growth in Earth Balance, the recent
acceleration in Glutino's growth and the integration of
Udi's. These two executives give me great confidence in our
Company's growth prospects in 2013 and beyond."
Regarding Terry Schulke, Mr. Hughes stated, "I want to thank
Terry for his many contributions. Without his tireless and
inspired leadership we would not have been positioned to make the
Glutino and Udi's acquisitions. As it became clear that the best
structure for the Company would comprise two business segments
based in Boulder, CO, Terry decided that he would prefer to pursue
an opportunity that might enable him to run his own company. I
believe Terry will be very successful in any venture he pursues and
wish him only the best. The Board of Directors and I deeply
appreciate his many contributions over the past five years as we
evolved from a single-brand, single-category model to a
comprehensive, natural brands-based, balanced portfolio."
About Smart Balance, Inc.
Smart Balance, Inc. (Nasdaq:SMBL) is committed to providing
superior tasting, solution-driven products in every category it
enters. The company's health and wellness platform consists
of brands that target specific consumer needs: Glutino and
Udi's for gluten-free diets; Earth Balance for plant-based diets;
Smart Balance for heart healthier diets; and Bestlife for weight
management. For more information about Smart Balance, Inc.,
please visit www.smartbalance.com.
The Smart Balance, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13800
CONTACT: Carole Buyers, CFA
Senior Vice President,
Investor Relations & Business Development
Smart Balance, Inc.
cbuyers@smartbalance.com
303-652-0521 x152
Boulder Brands, Inc. (MM) (NASDAQ:SMBL)
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Boulder Brands, Inc. (MM) (NASDAQ:SMBL)
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