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ConAgra Foods Names Tom McGough President, Consumer Foods



  ConAgra Foods Names Tom McGough President, Consumer Foods

Business Wire

OMAHA, Neb. -- May 2, 2013

ConAgra Foods, Inc., (NYSE: CAG) one of North America’s leading packaged food
companies, has named Tom McGough president of its Consumer Foods group.
McGough’s appointment was made following the resignation of André Hawaux, who
has been president of Consumer Foods since 2009. Hawaux announced he will be
leaving ConAgra Foods to join another public company in a different industry
as chief financial officer.

“We are very pleased to have Tom in position to take over as leader of our
Consumer Foods business,” said Gary Rodkin, CEO, ConAgra Foods. “We have a
strong bench, including Tom, who is a 20-year veteran of the branded food
business. He has shown strong leadership and results throughout his career,
including his six years with us.”

Rodkin continued, “Under André’s leadership, we have built a solid foundation
in Consumer Foods, establishing a talent base, deeper pricing rigor, strategic
acquisitions, and ongoing cost savings that have provided fuel for brand
building. This segment is in a strong position to deliver on the near-term
sequential volume improvement goals we have previously communicated, as well
as good segment operating profit performance. Tom will continue to enhance and
accelerate our strategies, and we are very enthusiastic and confident in his
leadership.”

McGough, 48, began his packaged foods career at H.J. Heinz in 1990. He joined
ConAgra Foods in 2007 and was named president, Grocery Products, ConAgra Foods
in 2012. Grocery Products is Consumer Foods’ largest area of business,
including many leading shelf-stable and refrigerated brands. McGough also has
significant experience with the frozen category, from his work at H.J. Heinz
as well as ConAgra Foods. He holds an M.B.A. from the Duke University’s Fuqua
School of Business and a bachelor’s degree from the Georgia Institute of
Technology.

Rodkin remarked, “Today’s leadership announcement does not impact previously
communicated fiscal 2013 EPS and organic volume goals or our ongoing
integration of the Ralcorp business. We are on track with diluted EPS of
approximately $2.15 for fiscal 2013, adjusted for items impacting
comparability.” The company will announce FY13 results, FY14 guidance, and a
view of long-term goals in June.

ConAgra Foods, Inc., (NYSE: CAG) is one of North America's largest packaged
food companies. Its balanced portfolio includes consumer brands found in 97
percent of America’s households, the largest private brand packaged food
business in North America, and a strong commercial and foodservice business.
Consumers can find recognized brands such as Banquet®, Chef Boyardee®, Egg
Beaters®, Healthy Choice®, Hebrew National®, Hunt's®, Marie Callender’s®,
Orville Redenbacher’s®, PAM®, Peter Pan®, Reddi-wip®, Slim Jim®, Snack Pack®
and many other ConAgra Foods brands, along with food sold by ConAgra Foods
under private brand labels, in grocery, convenience, mass merchandise, club
stores and drugstores. ConAgra Foods also has a strong commercial foods
presence, supplying frozen potato and sweet potato products as well as other
vegetable, spice, bakery and grain products to a variety of well-known
restaurants, foodservice operators and commercial customers. ConAgra Foods
operates ReadySetEat.com, an interactive recipe website that provides
consumers with Easy Dinner Recipes and more. For more information, please
visit us at www.conagrafoods.com.

This release includes the non-GAAP financial measure of diluted EPS, adjusted
for items impacting comparability. Management considers GAAP financial
measures as well as such non-GAAP financial information in its evaluation of
the company’s financial statements and believes this non-GAAP measure provides
useful supplemental information to assess the company’s operating performance
and financial position. The inability to predict the timing and amount of
future items impacting comparability makes a detailed reconciliation of EPS
projections for Regulation G purposes impracticable.

Note on Forward-looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on management’s current expectations and are subject to
uncertainty and changes in circumstances. These risks and uncertainties
include, among other things: ConAgra Foods’ ability to realize the synergies
and benefits contemplated by the acquisition of Ralcorp and our ability to
promptly and effectively integrate the business of Ralcorp; ConAgra Foods’
ability to consummate, and the timing to consummate, a potential joint venture
combining the flour milling businesses of ConAgra Foods, Cargill and CHS;
ConAgra Foods’ ability to realize the synergies and benefits contemplated by
the potential joint venture among ConAgra Foods, Cargill and CHS; the ability
and timing to obtain required regulatory approvals and satisfy other closing
conditions related to the potential joint venture; expectations about future
business plans, prospective performance and opportunities, regulatory
approvals and the expected timing of the completion of the joint venture;
availability and prices of raw materials, including any negative effects
caused by inflation or adverse weather conditions; the effectiveness of
ConAgra Foods’ product pricing, including any pricing actions and promotional
changes; future economic circumstances; industry conditions; ConAgra Foods’
ability to execute its operating and restructuring plans; the success of
ConAgra Foods’ innovation, marketing, including increased marketing
investments, and cost-saving initiatives; the competitive environment and
related market conditions; operating efficiencies; the ultimate impact of any
ConAgra Foods’ product recalls; access to capital; ConAgra Foods’ success in
efficiently and effectively integrating our acquisitions; actions of
governments and regulatory factors affecting ConAgra Foods’ businesses,
including the Patient Protection and Affordable Care Act; the amount and
timing of repurchases of ConAgra Foods’ common stock, if any; and other risks
described in ConAgra Foods’ reports filed with the Securities and Exchange
Commission, including its most recent annual report on Form 10-K and
subsequent reports on Forms 10-Q and 8-K. Investors and security holders are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date they are made. ConAgra Foods disclaims any
obligation to update or revise statements contained in this press release to
reflect future events or circumstances or otherwise.

Contact:

ConAgra Foods, Inc.
Media:
Teresa Paulsen, 402-240-5210
Vice President, Communication & External Relations
teresa.paulsen@conagrafoods.com
or
Investors:
Chris Klinefelter, 402-240-4154
Vice President, Investor Relations
chris.klinefelter@conagrafoods.com
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