Smart Balance Announces Reorganization
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."
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