ORRVILLE, Ohio – The Board of Directors (the “Board”) of The J. M. Smucker Company (the “Company”) announced today that a new director nominee will be included in the Company’s proxy statement for election at the next Annual Meeting of Shareholders to be held on Wednesday, August 13, 2014.
The nominee, Ms. Sandra Pianalto, is the retired President and Chief Executive Officer of the Federal Reserve Bank of Cleveland. Prior to retiring, Ms. Pianalto also chaired the Federal Reserve’s Financial Services Policy Committee, which is a committee of senior Federal Reserve Bank officials responsible for overall direction of financial services and related support functions for the Federal Reserve Banks and for leadership in the evolving U.S. payment system.
The Board concluded that Ms. Pianalto should serve as a Director primarily due to her vast experience in monetary policy and financial services and her experience serving as a member of the boards of several non-profit organizations.
“Ms. Pianalto brings leadership, operating and financial skills, along with a broad economic perspective, through her former roles with the Federal Reserve Bank of Cleveland. Ms. Pianalto’s background enables her to provide valuable insights to the Board, particularly in overseeing the Company’s finances.
If elected, Ms. Pianalto will serve as a member of the Company’s Audit Committee, and her experience will be an invaluable asset to both the Audit Committee and the Company,” said Richard K. Smucker, Chief Executive Officer.
Ms. Pianalto will replace Mr. R. Douglas Cowan, former Chairman and Chief Executive Officer of The Davey Tree Expert Company, who has served as a director of the Company since 2003, and who will be retiring from the Board at the end of his term.
“We are privileged to have had Mr. Cowan on the Board for the past 11 years. Mr. Cowan has played an integral role in the growth of the Company during this time. We thank him for his many significant contributions, his distinguished leadership, wise counsel, and unwavering commitment to the Board and the Company,” said Tim Smucker, Chairman of the Board.
