Sara Lee Corp. (SLE) announced the boards for its international coffee and tea company, D.E MASTER BLENDERS 1753 and its North American meats company or MeatCo.
Sara Lee stated that upon completion of the proposed spin-off, Christopher Begley, current director of Sara Lee Corp. and the former chairman and chief executive officer of Hospira, Inc., will serve as non-executive chairman of the board of MeatCo.
Previously the company said that, Jan Bennink, currently executive chairman of Sara Lee Corp., will serve as non-executive chairman of the board of D.E MASTER BLENDERS 1753, which will be spun-off by the end of June 2012.
Sara Lee noted that after completion of the spin-off, the MeatCo board will feature three new board members and five existing Sara Lee Corp. directors. The MeatCo board intends to add one more member in the future to bring the total number of directors to nine.
The board of D.E MASTER BLENDERS 1753 will include four new board members and three existing directors form Sara Lee. The company said it intends to nominate two additional individuals for election to the board at the next meeting of shareholders, to bring the total number of directors to nine.
Four current Sara Lee directors will be stepping down and will not serve on either board, the company said.
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