United Natural Foods, Inc. has added three new members to its board of directors as part of the company’s ongoing customer and supplier-focused transformation plan. Lynn Blake, James Loree, and James C. Pappas have joined UNFI’s board as new independent directors.
In addition, in connection with a cooperation agreement UNFI entered with JCP Investment Management, the board will oversee a financial review designed to enhance the company’s performance and drive shareholder value creation, according to UNFI.
Both actions are aimed at accelerating UNFI’s transformation and positioning the company for both near- and long-term success. These new directors bring decades of experience in investment management, business strategy, finance, digital innovation, and technological transformation.
“As we accelerate our transformation plan, seek to drive ever higher service levels for our customers and suppliers, and enhance shareholder value creation, we look forward to benefitting from the unique skills and perspectives these three highly experienced new directors add to the vast sector, operating, and governance experience of our existing directors,” said Jack Stahl, chairman of UNFI’s Board, in a statement.
Blake has more than thirty years of experience in the investment industry and deep financial and strategic expertise. She joined State Street Corporation in 1987 and has held various leadership roles during her tenure. Most recently, she served as EVP and chief investment officer of Global Equity Beta Solutions for State Street Global Advisors, one of the world’s largest asset managers.
“Lynn is a seasoned investor who will play a pivotal role in the Board’s capital allocation and investment decisions and the Company’s broader efforts to enhance shareholder value, and who will also benefit our sustainability-focused business initiatives by virtue of her five-year tenure as a member of the Sustainability Accounting Standards Board’s (SASB) investment advisory group,” said Stahl.
Loree has more than four decades of experience across two global diversified industrial and consumer products businesses, Stanley Black & Decker and General Electric. He brings experience in finance, operations, supply chain and logistics, risk management, sustainable business practices, and corporate governance to UNFI, as well as expertise across the consumer sector. Loree most recently served as president and CEO of Stanley Black & Decker, Inc., from 2016 to 2022, where he led 60,000 employees across 60 countries.
Pappas founded JCP Investment Management and is the managing member and owner of the firm. Throughout his career, Pappas has concentrated much of his efforts in the restaurant, food, and retail business sectors and possesses a thorough understanding of restaurant and food businesses in addition to his expertise in corporate finance. Pappas previously served on the boards of several public companies, including food-related businesses such as Jamba, Inc., The Pantry, Inc., and Morgan’s Foods, Inc.
“James’ input and insight in the areas of strategy, capital allocation, and corporate governance, combined with his deep knowledge of our sector, have already been extremely valuable. We expect each of them to make significant immediate contributions to our Board as we create and deliver sustained value for shareholders and all stakeholders,” said Stahl.
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