Ladd Seaberg Retires From MGP Ingredients Board John Speirs as the New Board Chairman

Seaberg, who spent 37 years in active management with the company, served as president of MGPI from 1980 to 2006, as well as chief executive officer during the last 20 of those years.

31 Aug 2009 --- Ladd Seaberg has announced his retirement as a member and chairman of the Board of Directors of MGP Ingredients, Inc. However, he will remain available in a consulting capacity to the board and company management for a period of approximately two years. Seaberg, 63, a director for 30 years and chairman since October 2006, said his decision to step down from board service was based on his desire "to focus additional time on other non-business-related activities and priorities" and was "partially influenced by health-related reasons."

Seaberg's wife, Karen, local business entrepreneur and community leader, was appointed by directors to fill his vacancy on the board and has been nominated to complete his current term, which expires in October 2011. Directors also selected longtime business executive and consultant John Speirs, a member of MGPI's board since 2004, to succeed Seaberg as board chairman. Speirs becomes the fourth individual and first non-relative of the Cray family to hold this position. The late Cloud L. Cray, Sr., who founded the company in 1941, served as the first chairman. He was followed by his son, Cloud L. "Bud" Cray, and then Seaberg, Bud Cray's son-in-law.

"As I exit the board, I do so with the utmost confidence in Karen's and John's abilities, as well as those of our other directors, to help lead this company forward during these extremely challenging times that our entire economy faces," Seaberg said. "With the support and dedication of the outstanding personnel we have throughout the organization, they and MGP Ingredients will succeed in carrying on the proud and progressive legacy that began here 68 years ago."

Seaberg, who spent 37 years in active management with the company, served as president of MGPI from 1980 to 2006, as well as chief executive officer during the last 20 of those years.

"I have been associated with MGP Ingredients throughout my entire professional career and have participated in numerous significant changes over the course of the company's evolvement, including several major expansion projects, plant and technological upgrades, product diversifications and, more recently, an extensive internal restructuring process," Seaberg noted. "It certainly has been a very exciting and rewarding experience and I am deeply grateful to everyone for the hard work and support they have provided during my many years in leadership positions at the company."

Karen Seaberg, who, like her husband and father, has a longstanding attachment to the company, said she is "deeply honored and grateful" to be chosen for membership on the board. "I look forward to my new responsibilities and the opportunity to serve this outstanding company in such a capacity," she said. "I have gained an in depth understanding of MGPI's business operations, markets and strategic initiatives through the years and am enthusiastic about performing a key role as a director for the good of all who have a stake in our company's future."

In stepping into the chairman's role, Speirs stated that "it gives us great pleasure to welcome Karen as the newest member of the board, where we know she will add tremendous insight and value to our decision-making functions and processes." He also expressed gratitude on behalf of fellow directors for "Ladd's countless contributions to the company and his exemplary leadership and management style, both as an executive and in his capacity at the helm of the board." Speirs added that he feels "highly honored and privileged" to be selected by his board peers to succeed Seaberg as chairman. "Having the board's full confidence and support as I transition to the role of board chairman is an inspiring experience," he said. "I am eager to further demonstrate my deep commitment to this company through the opportunity to play a larger role in helping create greater value for our customers, stockholders and employees."

Other current members of MGPI's board include Cloud L. "Bud" Cray; Michael Braude, retired chairman of the Board of Trade of Kansas City, Mo., Inc.; John Byom, co-owner and chief executive officer of Classic Provisions, Inc., Plymouth, Minn.; J. Gary Gradinger, chairman and chief executive officer of Golden Star, Inc., Kansas City, Mo.; Linda Miller, marketing consultant and faculty member of the University of Kansas, Lawrence; Tim Newkirk, president and chief executive officer of MGP Ingredients; and Daryl Schaller, Ph.D., president of Schaller Consulting, Homosassa, Fla.