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) January 10, 2001
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) 449-6436
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ITEM 9. REGULATION FD DISCLOSURE
[LOGO] Stephen H. Hoefer
Agway Inc., P.O. Box 4933
Syracuse, New York 13221
Phone: Office 315/449-6474
FAX: 315/449-6281
E-Mail: [email protected]
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FOR IMMEDIATE RELEASE
AGWAY ANNOUNCES NEW PROCESS FOR NOMINATING, ELECTING DIRECTORS
SYRACUSE, NY (January 10, 2001) - Agway Inc., an agricultural Cooperative owned
by 70,000 farmer-members in the northeast U.S., today announced a new process
for nominating and electing Directors. This new process takes effect for the
Cooperative's 2001 Director elections:
o Three geographic Nomination Regions will replace the fifteen Nomination
Districts that comprise Agway's membership.
o Director Nominating Forums will be established in each region to identify
and recommend Member Director candidates.
o Every Agway member will have the opportunity to participate on an annual
basis in the Director Nominating Forums, with special emphasis placed on
engaging those members who represent the majority of Agway's patronage
volume.
o Over the next three years, two outside Directors and Agway's CEO will be
added to the Board while the number of Member Directors will be reduced
from 15 to 12.
"The change in our Director nomination and election process is important to all
Agway members since it is through the election of Directors that members ensure
that Agway keeps working effectively for the future benefit of Northeast
agriculture," said Gary K. Van Slyke, Agway Chairman of the Board.
Van Slyke said the changes reflect both the evolving role of Directors in
general, as well as the changing nature of farming in the northeast.
"Today's competitive and rapidly changing business environment is increasing the
activity of Boards of Directors," said Van Slyke. "Our new director nominating
process will ensure Agway has Directors with the range of skills and backgrounds
necessary to govern a complex and progressive organization," said Van Slyke.
The new three-region structure will more accurately represent Agway's member
representation throughout its eleven-state member territory.
"Farming in the northeast is consolidating and concentrating in certain areas,"
said Van Slyke. "This has resulted in significant regional changes in Agway's
patronage volume. The three-region structure more accurately reflects our
Cooperative's farmer-member representation in the northeast."
"The bottom line is that every year Agway members can now become more fully
involved in the most important membership activity: nominating and electing
Agway Directors," said Van Slyke.
Agway members can obtain additional information on the new Director nominating
process and sign-up to participate in the Director Nominating Forums by visiting
Agway's website at: www.agway.com.
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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 January 11, 2001 By /s/ PETER J. O'NEILL
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Peter J. O'Neill
Senior Vice President
Finance & Control
(Principal Financial Officer and
Chief Accounting Officer)
