PARAMUS, N.J., July 31 /PRNewswire-FirstCall/ -- Smart Balance Inc. (Nasdaq: SMBL) announced an appointment in its marketing organization today. Richard McWilliams has been named to the position of vice president and general manager, core brands, reporting to Gregory Venner, executive vice president and chief consumer officer. McWilliams will be responsible for leading the marketing efforts for the Company's core brands.
"Richard will be a valuable addition to the Smart Balance team with his solid background in consumer products marketing," said Venner. "He brings a track record of success while leading well-known businesses including Enfamil(R) infant formula, Aquafresh(R) toothpaste, and Tums(R) antacid."
Before joining Smart Balance, McWilliams served as chief marketing officer for Trex Company, the country's leading manufacturer of composite decking. Prior to that he held senior leadership roles with Mead Johnson/Bristol-Myers Squibb, Rite Aid and Smithkline Beecham Consumer Healthcare. McWilliams has a BA from Westminister College and an MBA from Harvard Graduate School of Business.
The Company issued to McWilliams inducement stock options to purchase 175,000 shares of common stock with an exercise price of $7.12 per share, which is the last sale price of common stock on July 28, 2008, the date of the option grant and McWilliams' first date of employment with the Company. Fifty percent of the options vest quarterly in arrears over a four year period on McWilliams' anniversary date provided he is still employed with the Company at such time. Twenty-five percent of the options vest when the closing stock price is at least $16.75 per share for twenty out of thirty consecutive trading days. The remaining twenty-five percent vest when the closing price is at least $20.25 per share for twenty out of thirty consecutive trading days. All of the options are subject to accelerated vesting in the event of death, disability, or after a "change of control." The stock option grants meet the "employee inducement" exception to NASDAQ Marketplace Rule 4350 requiring shareholder approval of equity-based incentive plans.
About Smart Balance Inc.
Smart Balance Inc. (Nasdaq: SMBL) is committed to providing superior tasting heart healthier alternatives in every category it enters by avoiding trans fats naturally, balancing fats and/or reducing saturated fats, total fat and cholesterol. The company's products include Smart Balance(R) Buttery Spreads, Milk, Butter Blend Sticks, Cream Cheese, Peanut Butter, Microwave Popcorn, Cooking Oil, Mayonnaise, Non-Stick Cooking Spray and Cheese. For more information about products and the Smart Balance(TM) Food Plan, visit http://www.smartbalance.com.
|SOURCE Smart Balance Inc.|
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