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IMPERIAL SUGAR COMPANY CEO TO RETIRE
CHAIRMAN TO ASSUME CEO DUTIES
SUGAR LAND, TX. October 22, 2001. Imperial Sugar announced today that
James C. Kempner, President and CEO will retire as CEO and as a member of
the Board of Directors effective October 23, 2001. Robert J. McLaughlin,
Chairman of the Board of Imperial, will assume the additional duties of
President and CEO.
Commenting on the management change, James Kempner said, "Last
year I had informed the Board of Directors that it was my intent to retire
when I reached 62 in July, 2001 and I subsequently indicated to the
informal committee of bondholders during negotiations leading to the
restructuring of Imperial that I would lead the Company through the
restructuring process, but expected to retire following its
completion." Mr. Kempner continued, "Our industry appears to
have turned the corner; Imperials competitive ability has been
substantially enhanced by the successful completion of its restructuring;
the Company has an experienced and capable management team in place which
will now be augmented by Bob McLaughlins extensive experience in
heading companies similar to Imperial. I leave a strong company in good
hands."
Mr. McLaughlin has fifteen years of experience performing as a CEO of
major public Companies and several private companies. His background
encompasses the management of profitable enterprises engaged in high
growth markets to the turnaround of under-performing entities including
three companies operating under the protection of the U.S. Bankruptcy
Code. He was also CEO from 1995 to 1996 of Spreckels Sugar Company, a
multi factory California based beet sugar processor with $200 million in
annual sales.
Mr. McLaughlin is the CEO of the Sutter Group, a management consulting
firm based in Larkspur, CA. Mr. McLaughlin commented that he is excited
about the opportunity to lead Imperials management team into the next
phase in its historical development. "Jim Kempner has done a great
job in leading this Company over the last eight years particularly through
this last year as it entered and exited the Chapter 11 process. Imperial
is ready for a new period of growth and success and I am proud to be
associated with this effort."
Imperial Sugar Company is the largest processor and marketer of refined
sugar in the United States and a major distributor to the foodservice
market. The Company markets its products nationally under the Imperial,
Dixie Crystals, Spreckels, Pioneer, Holly, Diamond Crystal
and Wholesome Sweeteners brands. Additional information about Imperial
Sugar may be found on its web site at |