Smart Balance Announces Reorganization
New Corporate Name Boulder Brands, Inc. Corporate Headquarters Will Move To Boulder, Colorado
PARAMUS, N.J., Oct. 2, 2012 (GLOBE NEWSWIRE) -- 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.
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