Wrigley COO Ron Waters steps down

The Wm. Wrigley Jr. Company announced the early retirement of Ron Waters (54) as the Company s Chief Operating Officer to pursue other endeavors. His responsibilities will be re-aligned within the Company s Executive Leadership Team. Peter Hempstead, Senior Vice President Worldwide Strategy and New Business and Ralph Scozzafava, Vice President Worldwide Commercial Operations, will now report directly to Bill Wrigley, Jr., Chairman of the Board, President and Chief Executive Officer. Waters joined the Company in 1999 as Chief Financial Officer and was promoted to what was then a newly created Chief Operating Officer role in January, 2004.
"During his tenure, Ron contributed significantly to the Company s growth in the core gum business and to its expansion into the full confections category through two key acquisitions," said Bill Wrigley, Jr.


The move, effective immediately, comes a week after the company told shareholders that spending related to the Altoids, Life Savers, Creme Savers and Sugus brands it bought from Kraft Foods Inc. last year would hurt earnings per share in 2006. Under Waters, Wrigley in 2004 acquired the Joyco gum and candy business for €308 m and the candy brands from Kraft for €1.65 bn. According to the newspaper "Chicago Tribune", shares began skidding lower only months after the Kraft deal closed on June 30, 2005. Wrigley shares fell Tuesday to a 52-week low of €67,45 on the New York Stock Exchange. Since October 2005, Wrigley shares have fallen nearly 20 percent.




Bill Wrigley, Jr. expressed his confidence in the organization s ability to adapt to these changes and remain focused on growing the business. "We have a flexible and resilient organization and all of our people around the world are committed to executing with excellence every day." Wrigley last week recapped for shareholders a 2005 that saw earnings per share grow 5% to a record €2.59 and record sales of €4.75 bn - up 14% over 2004.