MFI Maple Leaf Foods Inc

TSX: MFI
www.mapleleaffoods.com

Company announces results of vote for election of directors

MISSISSAUGA, ON, May 11, 2023 /PRNewswire/ - Maple Leaf Foods Inc. (TSX:MFI) today announced the appointment of Curtis Frank as its new President and Chief Executive Officer.  Frank, who has built an impressive career at Maple Leaf Foods over more than two decades, takes on the role as Michael McCain steps down as CEO after 25 years of leading the Company.  This transition represents the final step in a detailed succession plan that was announced last year, which will also see McCain continuing as Executive Chair of the Board of Directors.

"I am incredibly proud and humbled to lead this great Canadian food company," said Frank.  "From my roots growing up on a farm in Saskatchewan to building my career here at Maple Leaf Foods, food and agriculture have always been at the center of my life.  I have had the great fortune to work with and to be mentored by Michael.  He is a passionate and visionary leader who has established Maple Leaf Foods as an iconic Canadian food company that is admired on the global stage.  Drawing on this legacy, I am energized and excited to lead us into our next chapter, as we build on our leading brands, leverage our world class assets, and advance our leadership in sustainability while remaining grounded in our culture and leadership values."

"Curtis is a remarkable leader. He stands out in every dimension of our Leadership Values and has a track record of success delivered through his extraordinary skill in connecting with people," said McCain. "He has the unwavering commitment of my entire family, who will continue to be deeply connected to Maple Leaf Foods as owner/operator shareholders. Curtis and I have executed a meticulous transition, and he knows every inch of this company. He has earned this role and will carry forward our purpose with passion. I know that his extensive tenure at the helm of Maple Leaf Foods will be astonishing in its achievements."

Earlier today the Company also held its Annual Meeting of Shareholders, at which all director nominees were elected to the Board of Directors. The results of the vote were as follows:

Following the meeting, and in connection with his appointment as President and CEO, Curtis Frank was also appointed to the Board of Directors, while Michael McCain was appointed as Executive Chair and Tom Hayes was appointed as Independent Lead Director.

All other resolutions at the meeting were also successfully approved by shareholders, including:

• the reappointment of KPMG LLP as the auditors of the Corporation (92.92% of votes cast in favour); and
• the advisory resolution on Maple Leaf Foods' approach to executive compensation (96.44% of votes cast in favour).

In total, 103,417,040 common shares were voted at the meeting, representing 84.61% of the Company's total outstanding common shares.  A full report on voting results is available under Maple Leaf Foods' profile on SEDAR at www.sedar.com.

About Maple Leaf Foods
Maple Leaf Foods Inc. ("Maple Leaf Foods") is a carbon neutral company with a vision to be the most sustainable protein company on earth, responsibly producing food products under leading brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders® Country Naturals®, Mina®, Greenfield Natural Meat Co.®, Lightlife®, Field Roast™ and Swift®. Maple Leaf Foods employs approximately 14,000 people and does business in Canada, the U.S. and Asia. The company is headquartered in Mississauga, Ontario, and its shares trade on the Toronto Stock Exchange (MFI).

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SOURCE Maple Leaf Foods Inc.