SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): November 4, 1996
INTERNATIONAL MULTIFOODS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-6699 41-0871880
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
33 South 6th Street, Minneapolis, Minnesota 55402
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612) 340-3300
Not applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
On November 4, 1996, International Multifoods Corporation (the
("Company") announced that the Board of Directors of the Company had
elected Gary E. Costley as Chairman of the Board, President and Chief
Executive Officer of the Company, effective January 1, 1997. See the
Company's press release dated November 4, 1996, attached hereto as
Exhibit 99.1, which is incorporated by reference in this Current Report
on Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press release of International Multifoods Corporation dated
November 4, 1996.
SIGNATURE
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.
INTERNATIONAL MULTIFOODS CORPORATION
Date: November 4, 1996 By /s/ Robert F. Maddocks
---------------------------------
Robert F. Maddocks
Executive Vice President
EXHIBIT INDEX
99.1 Press release of International Multifoods Corporation dated
November 4, 1996.
Exhibit 99.1
[MULTIFOODS LOGO]
News Release
FOR IMMEDIATE RELEASE Contact: Jill Schmidt (media)
(612) 340-3755
Tony Brausen (investors)
(612) 340-3621
MULTIFOODS BOARD ELECTS GARY E. COSTLEY
CHAIRMAN, PRESIDENT, CEO
MINNEAPOLIS, Nov. 4 The board of directors of International
Multifoods Corp. (NYSE: IMC) today announced that it has elected Gary E.
Costley chairman of the board, president and chief executive officer,
effective Jan. 1, 1997. Current Chairman and CEO Robert M. Price will
remain with Multifoods as a member of the board of directors.
Costley, 53, will join Multifoods after having spent 24 years with
Kellogg Company, where he held a number of executive positions,
including executive vice president and area director of Kellogg North
America - a region that generated more than $4 billion in annual sales.
Since 1995, Costley has served as dean of the Babcock Graduate School of
Management at Wake Forest University, Winston-Salem, N.C.
"Gary Costley is an outstanding executive and individual," Price
said. "He is an experienced, results-oriented operations executive who
has demonstrated strategic and leadership capabilities and
unquestionable integrity. Gary's knowledge and understanding of the
food industry will benefit Multifoods. He had a track record of success
while at Kellogg and was recognized with ever-increasing responsibility
for his accomplishments. The board believes that Multifoods'
shareholders, employees, customers and communities will be well-served
by Gary's leadership."
In 1988, Costley was named executive vice president and chairman of
Kellogg USA. During his four years as head of the unit, he led the
development of a five-year strategic growth plan, helped return the
business to profitable growth, doubled free cash flow, reduced
inventory, reorganized operations, and rebuilt the market research and
consumer affairs department. In 1992, he was promoted to executive vice
president and area director of Kellogg North America, where he assumed
responsibility for Kellogg Canada along with Kellogg USA.
From 1986 to 1988, Costley served as executive vice president and
president of Kellogg U.S. Subsidiaries, which included four non-core
operating units, and chairman of Mrs. Smith's Frozen Foods.
Earlier in his career, Costley was senior vice president, corporate
development, where he directed the strategic planning group and had
responsibility for acquisition activity. From 1978 to 1980, Costley
served as vice president and assistant to then Kellogg President William
E. LaMoth.
Costley also held the position of vice president of public affairs.
In this position, he oversaw the company's federal and state government
relations department and served as the company's primary spokesperson
with the media, financial community and government officials. He joined
Kellogg in 1970 as director of nutrition, performing research and
product development in the United States, Canada, Australia, Japan, the
United Kingdom and Mexico, and helping establish Kellogg's global
nutrition policy.
Costley teaches business ethics at Wake Forest University and has
spoken nationally on the topic.
Costley is a member of the board of directors of Lance, Inc.,
Charlotte, N.C.; Pharmacopeia Inc., Princeton, N.J.; and Bush Brothers
Inc., Knoxville, Tenn. He is chairman of Youth for Understanding, a
youth exchange program, based in Washington, D.C., and also serves on
the boards of the Miller Foundation in Battle Creek, Mich., and Duke
University Medical Center (the Sarah Stedman Nutrition Center).
Costley earned an undergraduate degree in animal science, and a
master's degree and a Ph.D. in nutrition, with minors in physiology and
biochemistry, from Oregon State University in Corvallis, Oregon.
Minneapolis-based Multifoods operates in three businesses:
foodservice distribution in the United States; bakery products in the
United States and Canada; and bakery, consumer and agricultural products
in Venezuela.
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1996
