DALLAS, Oct 11, 2005 /PRNewswire-FirstCall via COMTEX/ -- Dean Foods Company (DF) today announced that Joseph Scalzo has begun his term as President and Chief Executive Officer of the company's WhiteWave Foods division. Scalzo brings over 20 years of experience at major consumer product and beverage companies. In his capacity as President and Chief Executive Officer of WhiteWave Foods, he reports directly to Gregg Engles, Chairman and Chief Executive Officer of Dean Foods.
"We are very excited to have Joe leading WhiteWave Foods," said Engles. "He brings a unique mix of skills and leadership capabilities that we believe will help WhiteWave capture the full potential of its brands."
Scalzo most recently was employed by The Gillette Company, where he served as Group President, Personal Care and Global Value Chain. As a member of Gillette's senior management team, he led the successful three-year turnaround of the company's one billion dollar global personal care division and oversaw the company's global value chain. Scalzo's previous experience includes service as the Senior Vice President and Chief Marketing Officer at The Minute Maid Company, and product marketing and supply positions at Procter & Gamble.
Today the company awarded to Mr. Scalzo an option to purchase 245,000 shares of the company's common stock at an exercise price of $37.98 per share, which was the closing price of the stock yesterday. The options will vest in three equal installments over a period of three years, beginning on the first anniversary of the date of grant, and will expire on the tenth anniversary of the date of grant. The option award was approved by the Compensation Committee of the Company's Board of Directors without shareholder approval as an "inducement grant," as such term is defined by the New York Stock Exchange.
ABOUT DEAN FOODS
Dean Foods is one of the leading food and beverage companies in the United States. Its Dairy Group is the largest processor and distributor of fresh milk and other dairy products in the country, with products sold under more than 50 familiar local and regional brands and a wide array of private labels. The company's WhiteWave Foods subsidiary is the nation's leading organic foods company. WhiteWave Foods markets and sells a variety of well-known dairy and dairy-related products, such as Silk(R) soymilk, Horizon Organic(R) dairy products and juices, International Delight(R) coffee creamers and LAND O'LAKES(R) creamers and cultured products. Dean Foods Company also owns the fourth largest dairy processor in Spain and the leading brand of organic dairy products in the United Kingdom.