Exhibit 99.1
Contact: Steve Pickman
913-367-1480
For
Immediate Release
Ladd Seaberg Retires From MGP Ingredients, Inc. Board:
Karen Seaberg Appointed To Fill Vacancy; John Speirs
Named Board Chairman
ATCHISON,
Kan., August 28, 2009—Ladd Seaberg has announced his retirement as a member and
chairman of the Board of Directors of MGP Ingredients, Inc., (Nasdaq/MGPI)
effective at the close of business yesterday.
However, he will remain available in a consulting capacity to the board
and company management for a period of approximately two years. Seaberg, 63, a director for 30 years and
chairman since October 2006, said his decision to step down from board service
was based on his desire “to focus additional time on other non-business-related
activities and priorities” and was “partially influenced by health-related
reasons.”
Seaberg’s wife, Karen, local business entrepreneur and community
leader, was appointed by directors to fill his vacancy on the board and has
been nominated to complete his current term, which expires in October 2011. Directors also selected longtime business
executive and consultant John Speirs, a member of MGPI’s board since 2004, to
succeed Seaberg as board chairman.
Speirs becomes the fourth individual and first non-relative of the Cray
family to hold this position. The late
Cloud L. Cray, Sr., who founded the company in 1941, served as the first
chairman. He was followed by his son,
Cloud L. “Bud” Cray, and then Seaberg, Bud Cray’s son-in-law.
“As I exit the board, I do so with the utmost confidence in Karen’s and
John’s abilities, as well as those of our other directors, to help lead this
company forward during these extremely challenging times that our entire
economy faces,” Seaberg said. “With the
support and dedication of the outstanding personnel we have throughout the
organization, they and MGP Ingredients will succeed in carrying on the proud
and progressive legacy that began here 68 years ago.”
Seaberg, who spent 37 years in active management with the company,
served as president of MGPI from 1980 to 2006, as well as chief executive
officer during the last 20 of those years.
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ADD 1—LADD SEABER RETIRES FROM
MGPI BOARD
“I have been associated with MGP Ingredients throughout my entire
professional career and have participated in numerous significant changes over
the course of the company’s evolvement, including several major expansion
projects, plant and technological upgrades, product diversifications and, more
recently, an extensive internal restructuring process,” Seaberg noted. “It certainly has been a very exciting and
rewarding experience and I am deeply grateful to everyone for the hard work and
support they have provided during my many years in leadership positions at the
company.”
Karen Seaberg, who, like her husband and father, has a longstanding
attachment to the company, said she is “deeply honored and grateful” to be
chosen for membership on the board. “I look forward to my new responsibilities
and the opportunity to serve this outstanding company in such a capacity,” she
said. “I have gained an in depth understanding
of MGPI’s business operations, markets and strategic initiatives through the
years and am enthusiastic about performing a key role as a director for the
good of all who have a stake in our company’s future.”
In stepping into the chairman’s role, Speirs stated that “it gives us
great pleasure to welcome Karen as the newest member of the board, where we
know she will add tremendous insight and value to our decision-making functions
and processes.” He also expressed gratitude
on behalf of fellow directors for “Ladd’s countless contributions to the
company and his exemplary leadership and management style, both as an executive
and in his capacity at the helm of the board.”
Speirs added that he feels “highly honored and privileged” to be
selected by his board peers to succeed Seaberg as chairman. “Having the board’s full confidence and
support as I transition to the role of board chairman is an inspiring
experience,” he said. “I am eager to
further demonstrate my deep commitment to this company through the opportunity
to play a larger role in helping create greater value for our customers,
stockholders and employees.”
Other current members of MGPI’s board include Cloud L. “Bud” Cray; Michael
Braude, retired chairman of the Board of Trade of Kansas City, Mo., Inc.;
John Byom, co-owner and chief executive officer of Classic Provisions, Inc.,
Plymouth, Minn.; J. Gary Gradinger, chairman and chief executive officer of
Golden Star, Inc., Kansas City, Mo.; Linda Miller, marketing consultant
and faculty member of the University of Kansas, Lawrence; Tim Newkirk,
president and chief executive officer of MGP Ingredients; and Daryl Schaller,
Ph.D., president of Schaller Consulting, Homosassa, Fla.
Ladd Seaberg Profile
Ladd Seaberg began his first term on the
Board of Directors of MGP Ingredients, Inc. in 1979. Prior to being named chairman of the board in
2006, he served for 26 years as president of the company and was also chief executive
officer for 20 years.
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ADD 2—LADD SEABERG RETIRES FROM
MGPI BOARD
Seaberg joined MGP Ingredients in 1969 and
rose from distillery production manager to vice president and manager of the
company’s starch division in 1970. He was made vice president and plant manager
in 1972, and served as general manager for one year prior to being named
president in 1980.
Seaberg was a founding member of the
International Wheat Gluten Association and is a past president of the
association. He also currently serves as
president of the U.S. Wheat Gluten Industry Council. He is a member of the USDA
Agricultural Technical Advisory Committee for grains, feeds and oilseeds,
representing the U.S. grain community at World Trade Organization meetings; the
American Institute of Chemical Engineers; the Water Pollution Control
Federation; and the Technical Committee of the Distilled Spirits Council of the
U.S.
In addition, Seaberg is a board member of
Exchange National Bank and Trust Company, Atchison, and a former advisory
director of Commerce Bank of Kansas City. He has served on the boards of the
Kansas Chamber of Commerce and Industry, is a member of Kansas Inc., and served
on numerous other state committees for former Governor Bill Graves. He also
served as a board member of the former Atchison Leather Products Company.
Seaberg was one of the original founders of the Atchison Area Economic
Development Council and was its chair until the start of 2009. He is also a
member and past chair of the Atchison Santa Fe Depot Board of Trustees; a
member of the Board of Directors of the Amelia Earhart Birthplace Museum,
Atchison, and the Board of Directors of the Atchison County Historical Society;
a past member of the Young Presidents’ Organization; and past president and
chairman of the board for the Kansas City Presidents’ Organization. He also is
a former member and past chairman of the Atchison Area Chamber of Commerce
Board of Directors; past president of Atchison Kiwanis; former general chairman
and special gifts chairman of the Atchison Chapter of the American Cancer
Society; past state vice president of the Kansas Jaycees; and a lifetime member
of the USJCI Senate.
Seaberg was also a charter member of the
original Amelia Earhart Bridge committee that initiated action leading to the current
construction of a new bridge over the Missouri River in Atchison. He additionally spearheaded the funding and
purchase of land and a walking bridge at the Independence Creek Lewis and Clark
Historical Site in Atchison. In
association with this project, he played an integral part in the funding and
building of the Kanza Tribe native American Earth Lodge at the site. In recognition of his exceptional leadership
in business, industry and local community affairs, Seaberg was honored by the
Atchison Area Chamber of Commerce last January by becoming only the
seventh inductee into the chamber’s distinguished Hall of Fame.
A native of Beaumont, Texas, Seaberg earned a bachelor of science
degree in chemical engineering from Texas Tech University in 1969.
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ADD 3—LADD SEABERG RETIRES FROM
MGPI BOARD
Karen Seaberg Profile
In joining MGPI’s Board of Directors, Karen Seaberg, a lifelong
resident of Atchison, brings a wealth of organizational and leadership
experience to her position. Her
professional business background includes over 20 years as an executive travel
agent in association with the Travel Center of Atchison. Along with her husband, Ladd, she is co-owner
of a local Long John Silver’s franchise.
She also served five years on the managing executive committee of The
RiverHouse Restaurant in Atchison, and currently is co-owner of The RiverHouse
property.
Mrs. Seaberg is well-known for her involvement in civic
activities. She played a key role at the local, state and national levels
in the development of the 2004 Lewis & Clark Bicentennial
commemoration, including serving on the executive committee for “A Journey
Fourth,” one of fifteen Lewis & Clark Bicentennial Signature events
held nationally in 2004. Mrs. Seaberg served as the Governor’s Chair
of the Kansas Lewis & Clark Bicentennial and was a member of the
Circle of State Advisors, national state coordinators for the Lewis &
Clark Bicentennial, both from 2001 to 2004. She served as chairperson of
the Executive Committee for Atchison Lewis & Clark events from 2002 to
2006. Mrs. Seaberg was a member of the National Lewis &
Clark Trail Heritage Foundation Board from 2003 to 2007 and served as its
president from 2007 to 2008. She
continues to serve on the Board’s Executive Committee.
Mrs. Seaberg also continues to perform a vital role in Atchison’s
nationally-acclaimed Amelia Earhart Festival, which attracts an estimated
50,000 guests to the local community each year.
She served as a member of the Governor’s Committee for the Amelia Earhart
Birthday Centennial in 1997. She additionally
was a principal organizer and events coordinator for the centennial festival in
Atchison in 1997 and has served as festival chair since then. Mrs. Seaberg was very active in Atchison’s
major Riverfront/Downtown Development project, serving on the Design Committee
from 1997 to 2000 and the Development Committee from 2000 to 2004. She helped spearhead this group that
developed and acquired funding for the $5.2 million award-winning enhancement
project adjacent to the Missouri River. She is a charter member of the
Riverfront Development Foundation, which was organized in 2005.
From 1998 to 2004, Mrs. Seaberg served on the Atchison Area
Chamber of Commerce Board of Directors.
She has continued as a member of the Chamber’s Tourism Council since
1991 and served as chairperson of the council from 1998 to 2001. She additionally served on the Riverbend Regional
Healthcare Board from 1990 to 2004 and on the Atchison Hospital Board of
Directors from 1995 to 2001. She presently serves on the Board of the
Cray Medical Research Organization at the University of Kansas Medical Center,
Kansas City, Kan., a position she has held since 1995. She was a member of
the Atchison Sertoma Club from 2002 to 2004, and is a former president,
secretary and charter member of the Theatre Atchison Board of Directors.
Mrs. Seaberg is a graduate of Texas Tech University, where she
earned a bachelor of arts degree in literature in 1969.
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ADD 4—LADD SEABERG RETIRES FROM
MGPI BOARD
John Speirs Profile
John Speirs is chairman and co-founder of Stellus Consulting, a
Minneapolis-based firm that specializes in developing business and branding
strategies. He was first elected to the
Board of Directors of MGP Ingredients in October 2004 by holders of the
company’s common stock. He was
re-elected to a new three-year term on the board in 2007. Earlier this year, Speirs was appointed lead
director by the board to actively assist company President and CEO Tim Newkirk in
the execution of MGPI’s recently initiated business transformation strategy. “John has been very instrumental in providing
solid guidance in our efforts to reshape the company into one that is
consistently profitable,” Newkirk said. “His
professional background and expertise in the development and implementation of strategic
initiatives have proven to be highly valuable to our company as we embark on a
more well-defined course for future value creation.”
Prior to co-founding Stellus Consulting in 2001, Speirs spent 30 years
as a food and household products executive.
From 1998 to 2000, he served as executive vice president of marketing
for Diageo PLC. During that time, he
developed and implemented a corporate approach to business strategy,
innovation, branding and marketing effectiveness for Diageo and its operating
units, including Pillsbury, United Distillers and Vintners, Guinness and Burger
King.
Between 1989 and 1998, Speirs held a series of senior level positions
at Pillsbury, the last being senior vice president of strategy and brand
development. In that capacity, he
developed corporate strategy, including merger and acquisition activities that
resulted in industry leading growth, and developed and led systems for the
management of global brand equities. Prior
positions with Pillsbury included president of Pillsbury International and SVP
Strategy (1992-94); president of Green Giant (1990-92), a division of
Pillsbury, and senior vice president of marketing development (1989-90). Before that, he served as an officer and in
other management capacities with Lever Brothers for 14 years. These positions included senior vice
president of marketing (1985-1989), vice president of marketing-bar soaps and
personal cleansing products (1981-85); brand manager for three major product
lines (1979-81), and associate brand manager (1976-78).
Immediately after earning a bachelor of arts degree in political
science at Hamilton College, Clinton, N.Y., in 1970, Speirs began his business
career in advertising in New York City as an account executive with the William
Esty Company. From 1974 until joining
Lever Brothers two years later, he was employed as an account executive for
Benton and Bowles Advertising. Speirs
currently resides in Taos, N.M., where he is active in non-profit work and
provides pro bono consultancy to local businesses. He is a past chairman of the Taos Community Foundation.
About MGP Ingredients
In
business since 1941, MGP Ingredients, Inc. is a recognized pioneer in the
development and production of natural grain-based ingredients and alcohol
products for the branded packaged goods industry. The Company has facilities in
Atchison, Kan., Pekin, Ill., and Onaga, Kan. that utilize the latest
technologies to assure high quality products and to maintain efficient
production and service capabilities.
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