Thursday, 27 April 2006

Dean Foods Company Names Jack F. Callahan Chief Financial Officer

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Thursday, 27 April 2006

DALLAS, April 27 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
today announced that Jack F. Callahan, Jr. will join the Company in May as
Executive Vice President and Chief Financial Officer.

Callahan joins Dean Foods with over 20 years of valuable industry
experience. Most recently, Mr. Callahan was Senior Vice President of Corporate
Strategy and Development at PepsiCo, Inc., where he oversaw all corporate
strategy and merger and acquisition activity. In his role at Dean, he will
report directly to Dean Foods’ Chairman and Chief Executive Officer, Gregg

“Jack embodies everything we were looking for in our search for a Chief
Financial Officer. He comes to us with a wealth of operational, strategic and
financial expertise; deep industry knowledge; and a shared passion for our
corporate mission,” Engles said. “He will be a critical member of our senior
leadership team as we refine and execute our strategies to maximize the
performance of our businesses. We are very excited to bring Jack to Dean

Over the course of his 10 year tenure at PepsiCo, Mr. Callahan gained
valuable experience in several other senior leadership roles, including Senior
Vice President of Investor Relations for PepsiCo, Chief Financial Officer of
Frito Lay International, and Vice President of Strategy and Planning at Frito
Lay North America. Mr. Callahan’s prior experience also includes key roles at
General Electric and McKinsey & Company.

“Dean Foods’ performance over the last ten years speaks for itself,” said
Callahan. “The strength of its dairy operations, combined with its powerful
portfolio of brands, creates an incredible opportunity for continued growth
and value creation. This opportunity aligns perfectly with my interests and
experience and I look forward to contributing to the further growth and
success of the Company.”

Upon commencement of employment, the Company will award to Mr. Callahan
options to purchase approximately 110,000 shares of the Company’s common stock
and approximately 39,500 restricted stock units. In addition, the Company
announced today that it has granted stock options to purchase an aggregate of
130,000 shares of common stock and 34,500 restricted stock units to four newly
hired, non-executive officer employees. The stock options have an exercise
price equal to the fair market value of Dean Foods stock at the close of the
trading day immediately preceding the grant date. The stock options vest in
three equal annual installments, beginning on the first anniversary of the
date of grant, and expire on the tenth anniversary of the date of grant. The
restricted stock units vest ratably over a three or five year term, beginning
on the first anniversary of the date of grant. The awards were approved by the
Compensation Committee of the Company’s Board of Directors without shareholder
approval as “inducement grants,” as such term is defined by the New York Stock


Dean Foods Company is one of the leading food and beverage companies in
the United States. Its Dairy Group division is the largest processor and
distributor of milk and other dairy products in the country, with products
sold under more than 50 familiar local and regional brands and a wide array of
private labels. The Company’s WhiteWave Foods subsidiary markets and sells a
variety of well-known dairy and dairy-related products, such as Silk(R)
soymilk, Horizon Organic(R) milk and other dairy products and International
Delight(R) coffee creamers. WhiteWave Foods’ Rachel’s Organic(R) brand is the
largest organic milk brand and second largest organic yogurt brand in the
United Kingdom. Dean Foods is also one of the largest processors and
distributors of fluid milk in Spain and Portugal.

Contact: Barry Sievert
Senior Director, Investor Relations
(214) 303-3437

SOURCE Dean Foods Company

CONTACT: Barry Sievert, Senior Director, Investor Relations of Dean
Foods Company, +1-214-303-3437

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