New
CEO:
Insights from Korn/Ferry
12/20/99 With the announcement of Ocean Spray's
new CEO coming soon, it might be interesting to review some of the information from the
web site of Korn/Ferry International, the executive search firm hired by Ocean Spray.
Overbearing Corporate Bosses
are Doomed, Global Executive Survey Concludes: Study Predicts The Extinction of the "Controllasaurus" Within a
Decade – "Feminine" Traits Crucial for
Tomorrow’s Corporate Leader – Read article HERE
Marketing is Fastest Route to
the Executive Suite, Study Finds: International Assignments, Once "Kiss of
Death," Gain Favor – Global Economy Pushes Finance
-- Once Number Two -- to Distant Third Read article HERE
On the emerging role of the BOD in
corporations: "While the CEO still retains enormous influence, the new corporate
governance pattern establishes shared power as the norm in the boardrooms of most major
U.S. companies," says Richard M. Ferry, Chairman of the Board. Read article HERE
More
Korn/Ferry articles HERE
Announcement may be imminent
12/19/99 According to an article in the South
Weekly section of the Boston Globe, the new Ocean Spray CEO could be named as early as
this week. Read
article HERE.
Quaker News
Post-Snapple Quaker Oats set for growth
11/15/99 Quaker
Oats has rebounded from the worst setback in its history. Poor marketing of Snapple
cost the company $1.4 billion and CEO William Smithburg his job. Now under a new CEO,
Robert Morrison, with Gatorade cornering the sports drink market at 80%, the company has
turned around. An article in the current issue of Forbes, "Breaking a Sweat" by
Bruse Upbin describes the comeback of this century old American institution. Forbes article
here. (If you have trouble linking to this article please email editor@stressline.com .)
 
1899 Quaker ads, click photos to enlarge
Editor's note: While Ocean Spray and
Tropicana may never come together under Pepsi, cranberries and oranges are together
in a bagel.
Manhattan Bagel Introduces New Bagel Flavors for the Holiday
Season
EATONTOWN, N.J., Dec. 14 /PRNewswire/ -- New
World Coffee-Manhattan Bagel Inc. (Nasdaq: NWCI - news) announced today that its Manhattan
Bagel subsidiary has introduced two new bagel flavors, Gingerbread and Orange
Cranberry, for the holiday season.
``Manhattan Bagel's newest bagels are designed
to enhance this special season,'' said Mike Ryan, vice president of franchise services.
``Customers and franchisees alike are pleased with the new bagels, which, like our entire
line, are boiled and freshly baked every day at the store.''
The Gingerbread and Orange Cranberry
introduction is being supported at store level with a variety of point-of-purchase
materials. Including these newest items, the chain's store now offer 22 varieties of
bagels.
New World Coffee-Manhattan Bagel Inc. currently
franchises, licenses or owns stores under its four brands in 27 states and Washington,
D.C. The Company is vertically integrated in bagel dough and cream cheese manufacturing,
and coffee roasting, with plants in New Jersey, California and Connecticut.
SOURCE: New World Coffee-Manhattan Bagel Inc.
''So many people do
have Coca-Cola stock and in my past job and present job I continue to meet people all the
time who are stockholders ... it is awe-inspiring. My neighbors, friends, people in the
street.'' Doulas Daft on remaining humble in his new job as CEO of Coke, in A.P.
Story 12/10/99
Burning
bridges
12/8/99 According to an article in the Patriot
Ledger today, Ocean Spray has decided to go to federal court in its lawsuit against
Pepsi. It is pursuing damages for what it alleges is a breach of contract by Pepsi when it
bought Tropicana. The decision to fight Pepsi in court comes on the heels of the Board of
Director's decision not to sell Ocean Spray. Pepsi was considered one of the primary
suitors. Read
Patriot Ledger article HERE
Related Stressline article HERE.
Previous court ruling HERE.
Bio of attorney James Burling of Hale
and Dorr, who represents Ocean Spray HERE.
|
Could
there be a Coke in Ocean Spray's future?
12/8/99 Until now, Coca-Cola has all but been ruled out as a
possible suitor to acquire the Ocean Spray label and introduce cranberries to a worldwide
market. Coke has had more than its share of troubles in the past two years, with
profits suffering due to the Asian economic crisis, a federal racial discrimination suit ,
the well publicized contamination scare and criticism over Coke's slow response, and an
antitrust investigation in Europe that blocked the attempt to buy Orangina. After only two
and a half years on the job, Coke's CEO M. Douglas Ivestor is stepping down and being
replaced with Douglas Daft. |
Daft, an Australian with an international perspective, ran
Coke's Middle East, Far East and Japanese divisions. Last quarter, 73% of Coke's profits
came from global sales. Randy Donaldson, Coke's vice president for corporate
communications, is quoted in the Associated Press as saying that "Daft can also be
'very tough' but understands different cultures. He's lived all over the world and
understands the way different people live.'' No doubt, he also understands how to
introduce cranberries to countries where 99% of the population has never tasted the
"sweet tart berry."
While Coke hasn't pushed Minute Maid into international
markets, and never followed through on their plans to introduce a line of shelf-stable
Minute Maid products, Daft could view the acquisition of Ocean Spray as a way to compete
from a position of strength both on the domestic and the overseas juice aisles, as well as
in the single serve category. It would also enable Coke to market "good for you"
beverages to the growing segment of the worldwide population who are switching from
nonnutritive carbonated beverages to juices. If this trend continues, as it is likely to,
and Pepsi has designs on making Tropicana the international fruit juice
company, Coke could well loose out on this lucrative market.
Ocean Spray has been a good fit with the Pepsi line ever
since they acquired Tropicana. Now with a new leader at Coke who may be able to think
beyond just competing for the caffeinated bubbly consumer, Coca-Cola may be a potential
suitor of Ocean Spray. Easy to print
version |
S&P Press
release
Standard & Poors
may now cut Ocean Spray Cranberries ratings
NEW YORK, Dec 20 - Standard &
Poor's single-'A' long-term corporate credit and senior debt ratings, its triple-'B'-plus
preferred stock rating, and its 'A-1' short-term corporate credit and commercial paper
ratings for Ocean Spray Cranberries Inc. remain on CreditWatch, where they were placed
Sept. 30, 1999; however, the implications are revised to negative from developing.
The rating action follows the decision by Ocean Spray's Board of Directors to not
pursue the sale of all or part of the company after an internal review facilitated by
outside consultants. Ocean Spray will be
challenged to sustain recent market share improvements over the long term given its
stepped-up level of promotional activities.
Additionally, Ocean Spray is likely to name a new chief executive officer over the near
term, which leads to some uncertainty regarding the long-term strategic direction and
financial policies of the cooperative.
Standard & Poor's will continue to monitor events and re-visit with management to
discuss operating performance and financial strategies going forward.
Ocean Spray is a marketing cooperative owned by cranberry and citrus growers in the
U.S. and Canada.
The company supplies blended juices and fresh cranberries and grapefruit. Ocean Spray
handles roughly 70% of the North American cranberry crop and has a major position in the
Florida grapefruit industry.
Easy to print version
Coke fined in Italy
12/16/99 In 1998 PepsiCo filed complaints against Coca-Cola
because, with 80% share soft drink sales in Italy, they alleged it was using its clout in
the marketplace to illegally exclude Pepsi from Italian stores. Today, according to an
A.P. article, Italy's antitrust authority imposed a $16.1 million fine against Coca-Cola
Co. It is alleged that Coke offered discounts as a quid pro quo for reducing
display space for competitors' products. Coke announced it was planning to appeal.
Read 12/18/99
N.Y. Times article here
General Mills Reports Record Earnings Per Share Up 11 Percent in Fiscal 2000 Second Quarter
Sales Grew 8 Percent, Reflecting Broad Unit
Volume Gains
MINNEAPOLIS, Dec. 15 /PRNewswire/ -- General Mills (NYSE: GIS - news) today reported diluted earnings per
share of 62 cents per share for the second quarter of fiscal 2000, up 11 percent from 56
cents per share before unusual items earned in the same period last year. After-tax
earnings grew 10 percent to $193.7 million. Sales for the 13-week period ended Nov. 28,
1999, totaled $1.82 billion, up 8 percent. CONTINUED
General Mills Agrees to Purchase Small Planet
Foods, a Leading Producer Of Branded Organic Foods
MINNEAPOLIS, Dec. 15 /PRNewswire/ -- General Mills (NYSE: GIS - news) today announced it has signed an
agreement in principle to purchase Small Planet Foods, a leading producer of organic food
products. CONTINUED
Pepsi News:
Tropicana Pure Premium Now the #4 Grocery
Brand
BRADENTON, Fla., Dec. 14 /PRNewswire/ -- Tropicana Pure
Premium has become the nation's fourth-largest grocery brand. According to the latest
52-week supermarket sales data from Information Resources, Inc. (IRI), Tropicana Pure
Premium juice passed Kraft cheese to assume the fourth position among the top brands as
defined by IRI's InfoScan®
CONTINUED
Read
related article in the Cape Cod Times HERE
Press Release
Massachusetts Department of Food and Agriculture
Programs to Bolster Massachusetts’
Cranberry Industry Announced
12/10/99 - PLYMOUTH, Mass. – Two new programs designed
to help cranberry growers weather turbulent economic times were announced today at a
Cranberry Symposium at the Sheraton Inn, Plymouth. Due to a surplus, the value of the 1998
Massachusetts cranberry crop was $70 million, about half that of the previous year at
nearly $140 million.
The programs will provide growers with short-term
conservation plans and workshops on efficiency improvement and financial planning to
ensure the future viability of the Commonwealth’s important cranberry industry. CONTINUED | Easy to print version
General Mills Board of Directors Declares
Quarterly Dividend
MINNEAPOLIS, Dec. 13 /PRNewswire/ -- The General Mills (NYSE:
GIS - news) Board of Directors today declared a
quarterly dividend at the prevailing rate of $0.275 per share. The dividend is payable
Feb. 1, 2000, to shareholders of record Jan. 10, 2000. This quarterly dividend rate was
established with the Feb. 1, 1999, payment. General Mills and its predecessor company now
have paid uninterrupted dividends without reduction for 101 years.
Media
CBS News report
12/10/99 Many readers missed the Nov. 27th CBS
News report on the cranberry crisis as it was preempted for football in many parts of the
country. To read a transcript, Click
Here. |
