Premium Standard Farms Announces Managment Restructuring

KANSAS CITY — Premium Standard Farms, a leading vertically integrated provider of pork products, announced today that Robert W. Manly has resigned as President and Chief Operating Officer of Premium Standard Farms to pursue other opportunities, effective immediately. In addition to his current role as Chief Executive Officer of PSF, John Meyer will assume the additional responsibilities of the President. There are no plans to name a new Chief Operating Officer.
calendar icon 8 July 2006
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Mr. Meyer will expand the responsibilities of industry and company veterans, Calvin Held, to Vice President of Process Improvement and Milan Operations and Blake Day, to Vice President of Business Development.

“This restructuring will flatten our organizational structure and streamline our decision making process, and further our commitment to improving PSF’s operational performance. As a result of these changes, we will be able to intensify our focus on both operational improvements and cost structure efficiencies,” commented John Meyer, President and Chief Executive Officer of Premium Standard Farms.

Mr. Held has served as Vice President of Processing Operations since April 2004, and has played a significant role in the success of the company over the past 14 years. Prior to April 2004, Mr. Held was the Company’s Vice President of Milan, Missouri Processing Operations from December 1994 to April 2004 and was Controller of Farm Production and the Milan, Missouri Plant from August 1992 to December 1994. In his new role, Mr. Held will be focused on improving operational performance in all areas of the business with the objective of expanding the Company’s operating margins and reducing its current cost structure.

Since March 2005, Mr. Day has served as Vice President of Corporate Accounting and Finance. During the last 11 years, Mr. Day has held a variety of positions both within PSF and the protein industry, which includes Director of Corporate Accounting and Finance from May 2004 until March 2005, as well as Assistant Corporate Controller of Premium Standard Farms from February 1999 to May 2004. Additionally, from 1995 to 1998, Mr. Day was Assistant Controller for Seaboard Farms, an integrated pork processor. Mr. Day brings a wealth of knowledge to the role of Vice President of Business Development, and will be responsible for helping to execute PSF’s growth strategies.

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