Creamery board acts

Originally published in the "2-26-09" issue.

In its announcement of the independent inquiry into potentional “inaccuracies in financial statements” at the Humboldt Creamery, the cooperative’s board of directors has announced a series of steps the creamery will take to investigate and deal with the current crisis.

• The Board has appointed a subcommittee of the Board to be involved daily in the oversight of the investigation.

• The Board has made a commitment to share as much information as possible under the circumstances with the Members of the Humboldt Creamery cooperative, along with the Company’s employees and business partners. The Board will also work as closely as possible with the local leaders to share information about the impact of this situation on the local community. In short, the Board has pledged to be as forthright as possible under these difficult circumstances.

• The Board has initiated a series of meetings with the Company’s key creditors to explore all possible approaches to safeguarding the continuing operations of Humboldt Creamery.

• The Board and key Company officials are reaching out immediately to the company’s business partners and to local community leaders. The Board will also be convening meetings of the Humboldt Creamery’s Members and employees.

• The Board has suspended the offering of Humboldt Creamery’s Series B Preferred stock.

• The Board has pledged to cooperate fully with any and all inquiries into this matter, and has instructed all Humboldt Creamery employees to do the same.

“We are a family-owned business with excellent products, talented employees, great customer service, and an 80-year history of excellence,” concluded Board Chairman Jim Renner. “We intend to continue our normal business operations while working as hard as we possibly can to maintain the confidence and support of our customers, suppliers, employees and lenders.”

Nine dairymen make up Humboldt Creamery board

Board Chairman:
James Renner
Director: Blake Alexandre
Director: Tom Ghidinelli
Director: Dennis Leonardi
Director & Vice-Chair:
Frank Leonardo
Director & Board Secretary:
Gary Nicholson
Director: Jim O’Neil
Director & Board Assistant
Secretary: David Renner
Director: Domingo Santos