WESTCHESTER, Ill.--(BUSINESS WIRE)--Jan. 29, 2008--Samuel C. Scott
III, Chairman, President and CEO of Corn Products International, Inc.
(NYSE: CPO), has informed the Board of Directors of his intention to
retire upon the identification of his successor. The Board of
Directors will engage an executive search firm to help identify a
successor to Mr. Scott, as Chairman and CEO of the Company, including
internal and external candidates.
"Our business is strong, and Corn Products is well-positioned for
success in the years ahead. I am fortunate to have led this great
company for the past seven years and look forward to a smooth
transition," said Scott.
"The Board is extremely grateful to Sam Scott for his outstanding
leadership, dedication and commitment to building shareholder value,"
said William S. Norman, Lead Director. "I am sure that I speak for the
thousands of Corn Products International employees worldwide who
appreciate his strong leadership and commitment to excellence. The
Board also appreciates his flexibility and willingness to accomplish
an efficient transition."
Mr. Scott will continue to serve as the Company's Chairman and CEO
until this transition takes place.
About the Company
Corn Products International is one of the world's largest corn
refiners and a major supplier of high-quality food ingredients and
industrial products derived from the wet milling and processing of
corn and other starch-based materials. The Company, headquartered in
Westchester, Ill., is the number-one worldwide producer of dextrose
and a leading regional producer of starch, high fructose corn syrup
and glucose. In 2006, Corn Products International reported record net
sales and diluted earnings per share of $2.62 billion and $1.63,
respectively, with operations in 15 countries at 35 plants, including
wholly owned businesses, affiliates and alliances. For more
information, visit www.cornproducts.com.
This news release contains or may contain forward-looking
statements within the meaning of Section 27A of the Securities
Exchange Act of 1933 and Section 21E of the Securities Exchange Act of
1934. The Company intends these forward looking statements to be
covered by the safe harbor provisions for such statements. These
statements include, among other things, any predictions regarding the
Company's future financial condition, earnings, revenues, expenses or
other financial items, any statements concerning the Company's
prospects or future operation, including management's plans or
strategies and objectives therefor and any assumptions underlying the
foregoing. These statements can sometimes be identified by the use of
forward looking words such as "may," "will," "should," "anticipate,"
"believe," "plan," "project," "estimate," "expect," "intend,"
"continue," "pro forma," "forecast" or other similar expressions or
the negative thereof. All statements other than statements of
historical facts in this release or referred to in this release are
"forward-looking statements." These statements are subject to certain
inherent risks and uncertainties. Although we believe our expectations
reflected in these forward-looking statements are based on reasonable
assumptions, stockholders are cautioned that no assurance can be given
that our expectations will prove correct. Actual results and
developments may differ materially from the expectations conveyed in
these statements, based on various factors, including fluctuations in
worldwide markets for corn and other commodities, and the associated
risks of hedging against such fluctuations; fluctuations in aggregate
industry supply and market demand; general political, economic,
business, market and weather conditions in the various geographic
regions and countries in which we manufacture and/or sell our
products; fluctuations in the value of local currencies, energy costs
and availability, freight and shipping costs, and changes in
regulatory controls regarding quotas, tariffs, duties, taxes and
income tax rates; operating difficulties; boiler reliability; our
ability to effectively integrate acquired businesses; labor disputes;
genetic and biotechnology issues; changing consumption preferences and
trends; increased competitive and/or customer pressure in the
corn-refining industry; the outbreak or continuation of serious
communicable disease or hostilities including acts of terrorism; and
stock market fluctuation and volatility. Our forward-looking
statements speak only as of the date on which they are made and we do
not undertake any obligation to update any forward-looking statement
to reflect events or circumstances after the date of the statement. If
we do update or correct one or more of these statements, investors and
others should not conclude that we will make additional updates or
corrections. For a further description of these risks, see Risk
Factors included in our Annual Report on Form 10-K for the year ended
December 31, 2006 and subsequent reports on Forms 10-Q or 8-K. This
news release also may contain references to the Company's long term
objectives and goals or targets with respect to certain metrics. These
objectives, goals and targets are used as a motivational and
management tool and are indicative of the Company's long term
aspirations only, and they are not intended to constitute, nor should
they be interpreted as, an estimate, projection, forecast or
prediction of the Company's future performance.
Corn Products International, Inc.
Corn Products International, Inc.