INGREDION ANNOUNCES CEO SUCCESSION PLAN; JAMES ZALLIE TO BECOME CEO; ILENE GORDON TO SERVE AS EXECUTIVE CHAIRMAN
(Thomson Reuters ONE) -
WESTCHESTER, Ill., Sept. 18, 2017 - Ingredion Incorporated (NYSE: INGR), a
leading global provider of ingredient solutions to diversified industries and a
FORTUNE 500 company, announced today that its board of directors has unanimously
selected James P. (Jim) Zallie as the Company's president and CEO effective
January 1, 2018. Ilene Gordon, current CEO, president and chairman, will serve
as the Company's executive chairman of the board, a position she will hold until
her retirement in July 2018. Zallie will also immediately join Ingredion's board
of directors.
"I am extremely honored and proud to have served as Ingredion's CEO for the past
eight and a half years. It truly has been the highlight of my career and I have
enjoyed every moment of it," Gordon said. "We have successfully transformed the
business, taking it from a 20th century supplier to a 21st century innovator. I
believe Ingredion is well positioned for the future, and I appreciate the
dedication and contributions of the board, leadership team and employees to our
success.
"Over the years the board and I have focused on attracting and retaining top-
tier talent and succession planning. After working with Jim for more than seven
years, the board and I are confident that he is absolutely the right choice to
lead the company going forward. During his tenure, Jim has been vital to the
successful execution of our Strategic Blueprint for Growth. He has been
responsible for all four of our business regions as well as the global specialty
portfolio that has grown to 26 percent of Ingredion revenue under his
leadership.
"Jim is the architect of Ingredion Idea Labs(TM), a global network of innovation
centers that foster customer collaboration and drive innovation and growth. He
led the integration of several key acquisitions, including Penford Foods, Kerr
Concentrates and TIC Gums. He has the vision and experience, as well as the
leadership and technical capabilities to navigate Ingredion's long-term strategy
and continue to create shareholder value," Gordon added.
"I am honored by the board's confidence, and I am excited to carry forward
Ingredion's growth strategy with the support of our 11,000 employees worldwide.
I appreciate Ilene's support and counsel over the years. She has been an
insightful advisor, fearless leader and champion of Ingredion's values and
mission," Zallie remarked.
Gregory B. Kenny, Ingredion's independent lead director, affirmed Gordon's
confidence in Zallie. "With over 30 years of industry experience, Jim is well
prepared to lead Ingredion. He is an outstanding executive who steered National
Starch through several ownership transitions, and he was a key player in the
integration of National Starch into Ingredion (then Corn Products
International). Jim's entire leadership team from National Starch stayed with
Corn Products after the October 2010 acquisition, which is a testimony to his
ability to attract, develop and retain outstanding talent. With his unique
combination of leadership skills, business acumen and technical expertise, we
could not have selected a better candidate."
Kenny added, "On behalf of the entire Ingredion board, I am extremely grateful
to Ilene for her service. She had the vision and leadership to transform the
company, focusing on changing food trends to fuel sustained growth, while
building a diverse leadership team with exceptional talent. Ingredion's share
price has more than quadrupled under Ilene's leadership, as she focused on
operating excellence, continuous improvement, organic growth, and geographic and
portfolio expansion. And she implemented a world-class safety program that has
enhanced the well-being of employees and contractors alike. We look forward to
working with her as executive chairman."
Zallie, currently executive vice president global specialties and president,
Americas, joined Ingredion in 2010 when the Company acquired National Starch
LLC, a $1.2 billion (revenue) leader in specialty starches. Prior to his current
role, Zallie was responsible for Ingredion's operations in the Asia Pacific and
Europe, Middle East and Africa regions, along with corporate-wide responsibility
for global innovation and operational excellence.
Prior to Ingredion, Zallie was president and CEO of National Starch, where he
developed and executed a comprehensive strategy focused on asset productivity,
people capability and development, innovation and core renovation and emerging-
markets growth. During his four-year tenure, compound annual sales grew by
double digits.
Zallie earned a B.S. degree in food science at Pennsylvania State University,
and both a M.S. degree in food science and technology and an MBA degree in
finance at Rutgers University. He is a director of Innophos Holdings, Inc.
(NASDAQ: IPHS), an international producer of specialty phosphate ingredients,
and on the board of Northwestern Medicine Lake Forest Hospital.
ABOUT INGREDION
Ingredion Incorporated (NYSE: INGR) is a leading global ingredient solutions
provider with 2016 revenues close to $6 billion. We turn grains, fruits,
vegetables and other plant materials into value-added ingredients and
biomaterial solutions for the food, beverage, paper and corrugating, brewing and
other industries. Serving customers in over 100 countries, our ingredients make
crackers crunchy, yogurts creamy, candy sweet, paper stronger and add fiber to
nutrition bars. Visit Ingredion.com to learn more.
Forward-Looking Statements
This news release contains or may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The Company intends
these forward-looking statements to be covered by the safe harbor provisions for
such statements.
Forward-looking statements include, among other things, any statements regarding
the Company's prospects or future financial condition, earnings, revenues, tax
rates, capital expenditures, expenses or other financial items, any statements
concerning the Company's prospects or future operations, including management's
plans or strategies and objectives therefor and any assumptions, expectations or
beliefs underlying the foregoing.
These statements can sometimes be identified by the use of forward looking words
such as "may," "will," "should," "anticipate," "assume", "believe," "plan,"
"project," "estimate," "expect," "intend," "continue," "pro forma," "forecast,"
"outlook," "propels," "opportunity," "potential" or other similar expressions or
the negative thereof. All statements other than statements of historical facts
in this release or referred to in this release are "forward-looking statements."
These statements are based on current circumstances or expectations, but are
subject to certain inherent risks and uncertainties, many of which are difficult
to predict and are beyond our control. Although we believe our expectations
reflected in these forward-looking statements are based on reasonable
assumptions, stockholders are cautioned that no assurance can be given that our
expectations will prove correct.
Actual results and developments may differ materially from the expectations
expressed in or implied by these statements, based on various factors, including
the effects of global economic conditions, including, particularly, continuation
or worsening of the current economic, currency and political conditions in South
America and economic conditions in Europe, and their impact on our sales volumes
and pricing of our products, our ability to collect our receivables from
customers and our ability to raise funds at reasonable rates; fluctuations in
worldwide markets for corn and other commodities, and the associated risks of
hedging against such fluctuations; fluctuations in the markets and prices for
our co-products, particularly corn oil; fluctuations in aggregate industry
supply and market demand; the behavior of financial markets, including foreign
currency fluctuations and fluctuations in interest and exchange rates;
volatility and turmoil in the capital markets; the commercial and consumer
credit environment; general political, economic, business, market and weather
conditions in the various geographic regions and countries in which we buy our
raw materials or manufacture or sell our products; future financial performance
of major industries which we serve, including, without limitation, the food and
beverage, paper, corrugated, and brewing industries; energy costs and
availability, freight and shipping costs, and changes in regulatory controls
regarding quotas; tariffs, duties, taxes and income tax rates; particularly
United States tax reform; operating difficulties; availability of raw materials,
including potato starch, tapioca, gum arabic and the specific varieties of corn
upon which our products are based; our ability to develop new products and a
services at a rate or of a quality sufficient to meet expectations; energy
issues in Pakistan; boiler reliability; our ability to effectively integrate and
operate acquired businesses; our ability to achieve budgets and to realize
expected synergies; our ability to complete planned maintenance and investment
projects successfully and on budget; labor disputes; genetic and biotechnology
issues; changing consumption preferences including those relating to high
fructose corn syrup; increased competitive and/or customer pressure in the corn-
refining industry; and the outbreak or continuation of serious communicable
disease or hostilities including acts of terrorism. Factors relating to the
acquisition of TIC Gums that could cause actual results and developments to
differ from expectations include: the anticipated benefits of the acquisition,
including synergies, may not be realized; and the integration of TIC Gum's
operations with those of Ingredion may be materially delayed or may be more
costly or difficult than expected.
Our forward-looking statements speak only as of the date on which they are made
and we do not undertake any obligation to update any forward-looking statement
to reflect events or circumstances after the date of the statement as a result
of new information or future events or developments. If we do update or correct
one or more of these statements, investors and others should not conclude that
we will make additional updates or corrections. For a further description of
these and other risks, see "Risk Factors" included in our Annual Report on Form
10-K for the year ended December 31, 2016 and subsequent reports on Forms 10-Q
and 8-K.
###
CONTACT:
Investors: Heather Kos, 708-551-2592
Media: Claire Regan, 708-551-2602
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ingredion Incorporated via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 18.09.2017 - 14:00 Uhr
Sprache: Deutsch
News-ID 560256
Anzahl Zeichen: 12279
contact information:
Town:
Westchester, Illinois
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 271 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"INGREDION ANNOUNCES CEO SUCCESSION PLAN; JAMES ZALLIE TO BECOME CEO; ILENE GORDON TO SERVE AS EXECUTIVE CHAIRMAN"
steht unter der journalistisch-redaktionellen Verantwortung von
Ingredion Incorporated (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
