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Sandell Nominates Eight Highly-Qualified Candidates For Election To The Board Of Directors Of Bob Evans

Sandell Asset Management Corp. (“Sandell”), the beneficial owner of approximately 1.7 million shares, or 6.8% 1, of Bob Evans Farms, Inc. (NASDAQ:BOBE) (“Bob Evans” or the “Company”), today released a public letter to the shareholders of the Company discussing its nomination of a slate of eight independent candidates to the Board of Directors (the “Board”) of Bob Evans:
  • Doug Benham – Former President and CEO of Arby’s Restaurant Group
  • Charles Elson – Director of the John L. Weinberg Center for Corporate Governance at the University of Delaware
  • David Head – Former President and CEO of O’Charley’s Inc.
  • Steve Lynn – Former Chairman and CEO of Sonic Corporation
  • Annelise Osborne – Senior Credit Officer at Moody’s Investor Service
  • Aron Schwartz – Former Managing Director of Fenway Partners
  • Michael Weinstein – Former CEO of Triarc Beverage Group (Snapple Beverage Group)
  • Lee Wielansky – Chairman and CEO of Midland Development Group

Alternate Board nominee:
  • Joe Crace – Managing Director of The Legacy Consulting Group, LLC

This slate of eight Director nominees (the “Director Nominees”) for the Board is comprised of forward-thinking, truly independent executives who possess a diversity of background and experience that is necessary to effect change in a manner that would deliver significant shareholder value. If elected, we believe the Director Nominees should consider a plan that contemplates the following comprehensive changes:

Operational
  • Revenues: Re-focus the core Bob Evans restaurant brand to drive increased traffic and same-store-sales while pursuing selective long-term franchising efforts
  • Expenses: Address the bloated cost structure at the corporate level to eliminate at least $35 million in annual SG&A expenses

Financial
  • Capital Spending: Scrutinize capital spending plans and instill a culture of disciplined and prudent capital budgeting
  • Real Estate: Evaluate methods to unlock upwards of $900+ million in real estate value

Strategic
  • BEF Foods: Analyze and implement optimal structure at BEF Foods in order to realize maximum underlying value, including an appropriately-timed possible separation of BEF Foods
  • Outside Investment: Review investment proposals from credible outside parties with an open mind

Bob Evans has dramatically under-performed its own selected peer group over a 1-year, 3-year, 5-year, and 10-year time period, as well as other peers. We believe this unacceptable track record is the direct result of the failed policies and a wasteful culture sanctioned by a stale and entrenched Board of Directors that in our view has been unable to exert effective management oversight.

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