Claude Lamoureux to Join Board of Directors
TORONTO, Mar 24, 2008 (Canada NewsWire via COMTEX News Network) -- TSX: MFI Maple Leaf Foods is pleased to announce the nomination of Claude Lamoureux to the Company's Board of Directors at the Annual Meeting to be held on April 24, 2008.
Mr. Lamoureux will replace Robert Stewart, who served as a director for 13 years and recently announced his plans to retire from the Board. He currently serves on the Audit Committee and the Human Resources and Compensation Committee.
Mr. Lamoureux joined the Ontario Teachers' Pension Plan Board (Ontario Teachers') in 1990 as their Chief Executive Officer and retired from the position in 2007. He was appointed to this position when the Ontario government established the new independent corporation to replace the Ontario Teachers' Superannuation Fund. Under his leadership, the Ontario Teachers' Pension Plan fund grew from $19 billion in Ontario government bond assets to a diversified $106 billion fund by the end of 2006. This growth resulted from an investment program featuring a diversified asset mix, including equity in companies with significant long-term value creation potential, strong management and excellent corporate governance. Mr. Lamoureux joined Teachers' from Metropolitan Life, where he had a successful career in their New York and Ottawa offices.
"We are delighted that Mr. Lamoureux has agreed to be nominated to the Maple Leaf Board," said G. Wallace F. McCain, Chairman, Maple Leaf Foods Inc. "He brings vast knowledge of global markets, corporate governance, value creation strategies and the evolution of Maple Leaf Foods from a commodity-driven business in the mid-90's to a leading Canadian consumer packaged foods company."
"Bob Stewart has been a strong and engaged director since he joined the Board in 1995. He was amongst the group that formed the first Board following the acquisition of the Company by Ontario Teachers' Pension Plan Board and McCain Capital Corp. He brought a passion for strategic thinking and development to his role that has shaped our transformation over the past 13 years. On behalf of the Board and all shareholders, I want to express my deep appreciation for Bob's involvement and leadership."
Maple Leaf Foods Inc. is a leading Canadian food processing company. Headquartered in Toronto, Canada, the Company employs approximately 23,000 people at its operations across Canada and in the United States, United Kingdom and Asia. The Company had sales of $5.2 billion in 2007.
SOURCE: Maple Leaf Foods Inc.
Mary Lou Schaff, Maple Leaf Foods Inc., (416) 926-2026, firstname.lastname@example.org