Multifoods President to Leave Company

MINNEAPOLIS - International Multifoods Corp. today announced that Dan C. Swander, currently president and chief operating officer, is leaving the company at the end of its fiscal year in February 2004. Gary E. Costley, chairman and CEO, has assumed overall responsibility for the company's operational activities.

"As a member of the leadership team that transformed Multifoods into a focused branded food company in North America, Dan Swander has contributed significantly to the future of this company," Costley said. "Dan introduced the company to the potential of the Pillsbury desserts and specialty products business acquisition and played a key role in helping us complete it. He also was instrumental in structuring and staffing key management positions, and he successfully led the process to sell our former foodservice distribution business."

Multifoods also said today that it has retained Deloitte to help management identify opportunities for the company to reduce costs, and improve productivity and organizational effectiveness. The company expects the organizational assessment to be completed by the end of its fiscal year in February 2004.

Swander, 60, joined Multifoods as president and c.o.o. in November 2001 following the company's acquisition of the Pillsbury desserts and specialty products business. Before joining Multifoods, Swander was chairman and managing director of Swander Pace & Company, a strategic consulting firm focused on the food, consumer packaged goods, soft goods and retailing industries.
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