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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 29, 1994
AGWAY INC.
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(Exact name of registrant as specified in its charter)
Delaware 2-22791 15-0277720
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
333 Butternut Drive, DeWitt, New York 13214
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (315) 449-6431
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Item 5. Other Events
On August 29, 1994, Charles F. Saul, president, chief executive officer and
general manager of Agway Inc. since 1992, announced that he will retire on
February 1, 1995. Until that date, Saul will retain the title president
and will represent Agway in a number of agricultural industry and ag-
cooperative related projects. The board of directors elected Donald P.
Cardarelli to the position of executive vice president and chief operating
officer with full responsibility for management of the Company. Cardarelli
previously served as treasurer and a vice president of Agway. The board of
directors will immediately begin a search for a new chief executive officer.
See the attached press release issued August 29, 1994.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AGWAY INC.
(Registrant)
Date August 30, 1994 By /s/ PETER J. O'NEILL
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Peter J. O'Neill
Senior Vice President
Corporate Finance and Control
(Principal Financial Officer and
Chief Accounting Officer)
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Richard K. Arnold, Director
Corporate Communications
NEWS SERVICE Agway Inc., P.O. Box 4933
------------ Syracuse, New York 13221
Phone: Office 315/449-6201
Home 315/446-6175
FAX: 315/449-6253
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Release upon receipt... August 29, 1994
SAUL ANNOUNCES RETIREMENT
Board Names Cardarelli EVP/COO
(Syracuse NY-August 29, 1994) Charles F. Saul, president, chief executive
officer and general manager of Agway Inc. since 1992, announced today that
he will retire on February 1, 1995. In accepting Saul's notice of
retirement, the Agway Inc. board of directors elected Donald P. Cardarelli
to the position of executive vice president and chief operating officer
with full responsibility for the management of the farm supply cooperative.
Cardarelli has served as Agway treasurer and a vice president for the past
three years. Between now and the February, 1995 retirement date, Saul will
be continuing as president while representing Agway in a number of
agricultural industry and ag-cooperative related projects.
In announcing his retirement after more than 40 years as an Agway employee,
Saul said, "My course of action is intended to facilitate an orderly
transition of leadership at a time when the Agway board needs to be looking
well beyond my retirement date."
Speaking for the Agway board, chairman Ralph H. Heffner said, "Two years
ago, under Charlie Saul's leadership, Agway set out to restructure the
corporation to better serve our customers and to reposition the company for
improved financial success. We are most grateful to him for his leadership
in this and so many other worthwhile initiatives." The board will
immediately begin a search for Agway's next CEO and general manager .
(continued)
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(Page 2...Saul retires)
In commenting on Cardarelli's extensive financial and operational
background, Heffner noted the board believes he can provide the leadership
Agway needs to derive maximum benefit from the programs begun under
Charlie Saul's tenure.
A native of Utica, NY, Cardarelli holds a bachelor of science degree from
Utica College of Syracuse University. He earned his MBA from Syracuse
University. After holding management positions at Coopers & Lybrand in
Syracuse and the Pneumo Corporation in Boston, he joined Agway in 1984 as
corporate director of financial analysis. In 1986, he became vice president
of finance and treasurer of the Agway Insurance Group. In 1988, he was
appointed executive vice president of Agway Insurance where he provided
the leadership for the turnaround of that business. He became treasurer of
Agway Inc. in 1991 and was elected a vice president in May, 1992. A
certified public accountant, Cardarelli is active in a number of
professional organizations. He serves as president of the board for Hospice
of Central New York. He lives in Jamesville, NY, with his wife, Debra, and
their three children.
Saul was named to the top management position at Agway in February, 1992.
With the Agway board's encouragement, Saul initiated an extensive study to
identify the farm cooperative's core business strengths in the rapidly
changing Northeast marketplace and to chart a course for future marketing
emphasis. He introduced a company-wide program called Customer Driven:
1995...Focusing on the 21st Century.
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