Pinnacle Foods: Elects New Board Member and Announces Changes to Board Committees

Parsippany / NJ. (pf) Pinnacle Foods Inc. announced changes to its Board of Directors, including the election of a new independent director and related changes to the composition of two Board committees.

On December 07, 2015, the Board elected Mark Jung, current consultant to ABRY Partners and the former chief executive officer of OnLive, as an independent director of the Company and a member of the Board’s Audit Committee and Nominating and Corporate Governance Committee. Jung has a track record of leading and building companies with a strong digital and social media presence. He co-founded IGN Entertainment Inc. in 1999 and served as its chief executive officer from January 1999 to January 2006. Jung has also served as the chief operating officer of FOX Interactive Media, a Newscorp subsidiary. Jung has extensive experience steering companies and providing strategic counsel while sitting on the Boards of many public and private companies, including the Boards of Yodlee Inc., 3PAR Inc., Keynote Systems Inc., Vitacost.com Inc., and Vudu Inc. He currently sits on the Board of the following privately held companies: Inmar, DataXu, InterviewStreet and WGT Media. Jung’s appointment to the Board and the Audit and Nominating and Corporate Governance Committees is effective December 8, 2015. Jung was introduced to Pinnacle Foods by Kingsley Gate Partners, the firm used to conduct the director search.

He replaces Prakash A. Melwani, senior managing director and chief investment officer of Blackstone’s private equity group, who stepped down from the Board, in light of Blackstone’s exit from their equity stake in Pinnacle Foods. Melwani served on the Pinnacle Foods Board for eight years and played an instrumental role in shaping the Company’s long-term vision and supporting Pinnacle’s successful transition to a public company.

Commenting on the announcement, Pinnacle Foods Chairman Roger Deromedi stated, «I am delighted to welcome Mark to our Board. He brings a depth of business and entrepreneurial experience that will provide us with valuable perspective. As we welcome Mark, on behalf of the entire Board and the Company, I want to thank Prakash for his invaluable insight, strategic guidance and dedicated service to both Pinnacle Foods and our shareholders since the IPO. Prakash was the architect of Blackstone’s acquisition of Pinnacle Foods in 2007 and is a true champion of the Company, making a significant, lasting impact». The composition of the Company’s Board committees:

• Audit Committee: Raymond Silcock (Chair); Jane Nielsen; Micky Pant; Mark Jung.
• Compensation Committee: Jane Nielsen (Chair); Ann Fandozzi; Raymond Silcock; Yannis Skoufalos.
• Nominating and Corporate Governance Committee: Ann Fandozzi (Chair); Micky Pant; Yannis Skoufalos; Mark Jung.