Business News

Pierre Foods Appoints Two New Members to Board of Directors

Monday 22. December 2008 - Pierre Foods, Inc. (the "Company" or "Pierre") today announced that it has appointed Dean Hollis and Margaret Cannella as new members of its Board of Directors.

Mr. Hollis was formerly the President and Chief Operating Officer of ConAgra Foods Consumer Foods and International division. Ms. Cannella currently serves as the Global Head of Credit Research and U.S. Corporate Strategy at JPMorgan. The addition of Mr. Hollis and Ms. Cannella expands Pierre’s Board from three directors to five directors.

“Dean and Margaret are highly qualified directors who have proven their leadership in the food and financial industry, respectively,” said Bill Toler, Chief Executive Officer of Pierre. “The addition of two new directors to the Board is an important step for the Company as we continue to develop our growth strategies. We believe that Dean’s experience and track record operating the largest segment of the ConAgra Foods portfolio will greatly contribute to the long-term growth aspects of our strategic plan. Margaret’s experience in the financial markets as well as her tenure as a food industry analyst represent a resource that given our current economic environment, is invaluable to any Board of Directors.”

Mr. Toler continued, “Pierre is focused on maintaining an experienced and involved Board. The Company is determined to maintain its financial strength and continue the successful course of operation that is currently underway at Pierre.”

Mr. Hollis and Ms. Cannella will join CEO Bill Toler and Oaktree Capital Management directors, Steven Kaplan and Matthew Wilson effective immediately.