United Natural Foods Inc. (Nasdaq: UNFI), an organic food distributor, announced its president and chief executive, Steven Townsend, has stepped down.
He will be replaced by former CEO Michael Funk. Funk has been with United Natural Foods and its predecessors since 1976 and has served as a board member since 1996. He served as president from 1996 through 1999 and chief executive from 1999 to 2002, and was chairman in 2003.
Townsend will remain chair of the board until the company’s annual meeting, scheduled for Dec. 8 and will continue as a consultant to the company to ensure a smooth transition.
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