MENLO PARK, Calif., Feb. 5, 2015 (GLOBE NEWSWIRE) — Landec Corporation (Nasdaq:LNDC) announced today that its Chairman and CEO, Gary T. Steele, has agreed to delay his retirement beyond May 31, 2015.
Steve Goldby, Landec’s lead independent director stated, “We are proceeding with a thorough and thoughtful process which is taking longer than originally anticipated, but we expect to have Landec’s new CEO in place by calendar year end. As a result, the Board has asked Gary, and Gary has agreed, to remain as Landec’s Chairman and CEO until his successor is hired. The Board very much appreciates that Gary is delaying his retirement until his successor is in place.”
As previously disclosed, after his retirement Mr. Steele has agreed to remain on the Board of Directors as a director, but not as Chairman.