At United Natural Foods, Steven H. Townsend has announced his retirement and has resigned as president and chief executive officer, effective immediately, in order to devote more time to his other investments and business interests, and Michael S. Funk, a United Natural Foods director, will assume the additional responsibilities of president and chief executive officer. Townsend will remain chair of the board of directors until the company's annual meeting, which is scheduled for December 8, 2005, and, to ensure a smooth transition, will continue as a consultant to the company.
"The board thanks Steve for the significant contributions he has made during his 23 years of service in various senior executive positions at United Natural Foods and its predecessor companies. Steve developed a strong, highly competent and motivated management team, and over the last three years, the company's sales grew to $2.1 billion, with shareholder value enhanced by substantial investment in people, facilities, equipment and technology. The company reached many significant milestones during his career at United Natural Foods and we wish him well in his future endeavors, including as a consultant to UNFI," commented Thomas B. Simone, vice chair of the board and lead independent director. Townsend was elected as UNFI's chief executive officer in January 2003 and president in April 2001. He has served as a member of the company's board of directors since December 2000 and was previously on the board from 1996 until 1998. He has served as the chair of the board since January 2004.