Seaberg to step down as c.e.o. at MGPI
October 18, 2007
by Jeff Gelski
ATCHISON, KAS. – Ladd M. Seaberg will step down as chief executive officer of MGP Ingredients on June 30, 2008, according to an Oct. 18 filing the company made with the U.S. Securities and Exchange Commission. Mr. Seaberg intends to remain as chairman of the board of directors. He said Tim Newkirk, currently president and chief operating officer for MGPI, will succeed him as c.e.o.
"This has been my plan, and it is very gratifying to see it coming to fruition," Mr. Seaberg said. "I will celebrate my 62nd birthday in 2008 and look forward to spending time with my family and pursuing a multitude of activities that heretofore have been accessible only during vacation periods and holidays."
Mr. Seaberg became president of MGPI in 1980 and was given the additional title of c.e.o. in 1988. Mr. Newkirk succeeded him as president in 2006 and now will succeed him as c.e.o.
"As I anticipated he would, Tim has demonstrated many times over that he is capable of assuming that role along with his duties as president to effectively meet his responsibilities to our employees, customers and stockholders," Mr. Seaberg said.
Mr. Seaberg’s announcement comes after MGPI in August reported 2007 fiscal year net income of $17.7 million, which compared with $14 million in the previous fiscal year. MGPI stock on the NASDAQ was trading at $9.03 per share at midday on Oct. 18. The company’s stock hit a 52-week high of $23.99 per share late in 2006 and dropped as low as $8.69 per share in October of 2007.