AgFeed Industries, Inc. Announces Board Appointment, Executive Changes & Acquisitions Agreements
NEW YORK, July 15, 2011 /PRNewswire-Asia/ -- AgFeed Industries, Inc. (Nasdaq: FEED, NYSE Alternext: ALHOG) ("AgFeed" or the "Company"), an international agribusiness with operations in the U.S. and China, announced organizational changes and acquisitions agreements in fulfillment of its previously announced entry to the harvest and processing segment of the pork business.
In connection with the ongoing transformation of the Company, the Board of Directors today announced executive promotions and reassignments. In addition the Board elected a new independent director. These organizational changes are intended to align the Company's personnel with its continued transformation, allowing it to respond to the changing international operating environment and its strategy of operating at numerous points of the pork value/supply chain.
John A. Stadler, AgFeed's Chairman & Interim Chief Executive Officer, stated, "Our vision is to align global production resources to supply safe pork and pork products to the consumer through our branded pork processor customers. These executive changes and acquisition opportunities represent the natural progression of the strategic direction initiated during the spring of 2010, and first fully visible through the acquisition of M2P2, to develop an integrated, controlled, production system that would allow us to capture earnings throughout the international hog/pork production process."
The Board has appointed one of its current members, K. Ivan F. Gothner, as Vice Chairman to work along side Mr. Stadler in the ongoing transformation, development and growth of the Company. In addition, Glenn McClelland, the current President & CEO of the Company's US based hog production business, M2P2, has been appointed our Chief Operating Officer, while Clay Marshall, the current CFO of M2P2, has been appointed our Chief Financial Officer."We are all on a mission," stated Mr. Gothner, "to establish AgFeed as the leader in supplying an expanding base of global customers with the highest quality pork while demonstrating leadership in food safety, production efficiency, sustainability and environmental stewardship."
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