PRESS RELEASE
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PRESS RELEASE |
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BELLEVUE, Wash., January 31, 2001 Richard T. Crowder and James E. Warjone Join Penford Corporation Board of Directors N. Stewart Rogers and William K. Street Announce Retirement Penford Corporation (Nasdaq: PENX) announced today that two new members have joined the company's Board of Directors. Richard T. Crowder, former Senior Vice President of Dekalb Genetics Corporation, and James E. Warjone, Chairman and General Partner of Port Blakely Tree Farms, will be replacing N. Stewart Rogers and William K. Street. Rogers and Street have served on the board for over 17 years each and are retiring pursuant to the Board of Directors retirement policy. William G. Parzybok, Jr., a Board member since 1993, will succeed Rogers as Chairman of the Board. "Penford is fortunate to have Dick and Jim as new directors who both bring international experience to Penford. Dick's extensive food industry experience will also provide excellent counsel to our fast-growing food ingredients business. Jim's strength in formulating long-term business strategies and working broadly with government regulatory agencies will be very valuable to the company" said Penford Corporation President and CEO, Jeffrey T. Cook. "I would like to personally thank Stewart and Bill for their years of dedication and service to Penford. All of Penford's shareholders have had the benefit of their advice and counsel in shaping Penford into what it is today." Most recently, Crowder worked for Dekalb Genetics (now part of Monsanto), a worldwide leader in agricultural genetics and seed biotechnology that markets hybrid corn, sorghum and sunflower seed, as well as varietal soybean and alfalfa. Crowder managed all of Dekalb Genetics' business outside of the United States, a responsibility that spans over 30 countries. His tenure with various other organizations including the U.S. Department of Agriculture and the Pillsbury Company gives him over 25 years of food, international trade and agricultural experience. Crowder holds a B.S. and M.S. from Virginia Tech, and a Ph.D. from Oklahoma State University. He has also received several distinguished awards from his alma maters and the Oklahoma Agricultural Economics Association. Warjone is a 23-year veteran with Port Blakely Tree Farms, a land and timber company which operates commercial forests in Washington, Oregon and New Zealand. The company also develops real estate with residential and commercial projects in the Puget Sound area. Prior to Port Blakely Tree Farms, Warjone worked with IBM and the Simpson Timber Company. Warjone graduated from Claremont Men's College with a degree in economics. About Penford Corporation For automated shareholder information, please call 1-888-317-2013. This press release contains forward-looking statements concerning future performance of the Company's specialty ingredient systems and the prospects for the continuation of current performance trends in fiscal 2001. There are a variety of factors which could cause actual events to differ materially from those projected in the forward-looking statements such as decreases or delays in customer demand or orders, increased competition, decreases in market share, unfavorable changes in product mix, disappointments in product development efforts, interest rate and energy cost volatility, foreign exchange rate fluctuations and those listed in the Company's SEC reports, including the reports on Form 10-K for the year ended August 31, 2000.
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