Stockholders Approve Sale Of Dole’s Worldwide Packaged Foods And Asia Fresh Businesses, Announces Leadership Changes

As part of the transition, David A. DeLorenzo, current president and chief executive officer, will be joining ITOCHU to lead the newly acquired Asia fresh and worldwide packaged foods businesses, and will be leaving Dole’s board. Joseph S. Tesoriero, current executive vice president and chief financial officer, and Sue Hagen, current senior vice president human resources, will be leaving Dole in connection with the sale transaction. “David DeLorenzo will be missed, and I have nothing but appreciation and admiration for this long-term Dole executive and close personal friend,” said Murdock. “Joseph Tesoriero has provided leadership at Dole during key milestone events in his ten years with us, and I am personally grateful for his many contributions. Sue Hagen’s professionalism and skill as a human resources executive has served us well during her 26 years at Dole, and I appreciate her continued focus on Dole’s most valued assets, its employees.”

“I am eagerly looking forward to working more closely with David Murdock and Dole’s extraordinarily talented and experienced operational and corporate management team and dedicated and energetic employees throughout our organization,” said Carter. “Our resulting business profile will have lower fixed costs and hence more operating flexibility, with more clarity and focus, allowing us to dedicate our resources more fully to operating and growing our remaining fresh fruit and vegetable businesses. Our new capital structure will also provide us with increased flexibility, and will allow us to react quickly to any acquisition opportunities in the commodity produce sector, which we expect would be funded by anticipated new borrowings and future internally generated free cash flow.”