Page 1

2014 ANNUAL REPORT


2014

BY THE

NUMBERS

4,400

$15B

NET SA L ES

I N C R E A S E F ROM 2013

$266M NET EARNINGS

$184M

18%

CASH RETUR N ED TO MEMBERS IN 2 0 1 4

RETURN ON EQUITY

T O TA L M E M B E R S H I P

2,333

5.1%

F I V E Y E A R AV E R A G E RETURN ON EQUITY IS 19.8%

DAIRY PRODUCERS

25%

INCREASE FROM 2013

TOTA L CA S H R E T U R N E D TO MEMBERS SINCE 2006: MORE THAN

1,241 AG PRODUCERS

$1B

826 CO-OP MEMBERS

SERVING

+300,000

A G R I C U LT U R A L P R O D U C E R S

13

BILLION P O U N DS

$220M

CROP INPUTS P R E TA X E A R N I N G S

$28M

FEED P R E TA X E A R N I N G S

$40M

DAIRY FOODS P R E TA X E A R N I N G S

OF MEMBER MILK

2014 Annual Report | B


DEAR STAKEHOLDERS

W

e are pleased to report a strong year for Land O’Lakes, Inc., continuing nearly a decade of consistent growth and record-setting performances. This is the result of several factors but has been driven primarily by our increasing focus on fewer, bigger business units that span a unique farm-to-market view of the agriculture and food industry. From crop inputs to animal feed to branded food manufacturing and marketing, Land O’Lakes truly participates in the industry from end-to-end. Beyond those business units themselves, our view of the industry is further shaped by our farmer-owned structure and our nearly four decades of participating in global development activities. With this broad view of the food and agriculture industries, Land O’Lakes sees the importance and opportunity of helping produce more food in an increasingly productive and sustainable manner to serve

a growing marketplace. We do this by providing value-added insights and product innovation to support our customers and consumers. In Winfield Solutions, these insights are around the increasing need for farmers to drive productivity. Our R7® precision farming tool and products like Ascend®, InterLock® and MAX-IN® allow growers to maximize yield potential and their on-farm economics while improving their sustainability footprint. In Purina Animal Nutrition, product innovations such as Accuration®, Rally® Dairy Feed, Purina® Equine Senior® and Equine Senior® Active Horse Feed allow livestock and lifestyle animal producers to build more productivity and support animal health. In our businessto-business and consumer food groups, our broad view of the industry has made us valued partners to global food companies in need of high-quality raw materials to support their growth efforts. We now support customers at home and abroad with

food ingredients such as LAND O LAKES® dairy proteins and also provide forage and feed solutions for their network supply partners. And, of course, in our flagship Dairy Foods business, we continue to serve consumers through our LAND O LAKES and Kozy Shack brands with products such as our full-stick, half-stick and spreadable butters, Kozy Shack® refrigerated desserts and Extra Melt® American and Golden Velvet® Cheese Spread for our food service customers. A lot has changed at Land O’Lakes over the years; yet the principles on which we were formed in the 1920s still serve us well. Our business activities are shaped by the long-term view of our farmer memberowners. Our strength comes from aggregating the supply of our dairy producers and aggregating the demand from our ag members and adding value to that supply and demand. Thank you for your business and your support.

PERFORMANCE Land O’Lakes, Inc. overall net sales grew by 5.1 percent to a record $15 billion in 2014 with net earnings totaling more than $266 million. Earnings in Crop Inputs and Feed exceeded the previous year while Dairy Foods performed better than most in the industry in a tough market. These results drove a record return for our members of $184 million.

CROP INPUTS Pretax earnings for 2014 totaled $220 million, an increase of $2 million from 2013. These results continued a multi-year trend of strong performance for WinField, driven by the successful pursuit of new opportunities in rapidly growing segments of agribusiness that focus on productivity, sustainability and new technologies. Strong sales and volumes within the WinField portfolio contributed to outstanding performance in 2014. The development of new insights, technologies and services that support business success for both growers and the agricultural dealers in the WinField network continue to build value. As agriculture consolidates, we are also intensifying our business reach to the largest growers and expert sellers of agricultural products.

DAIRY FOODS Pretax earnings for 2014 totaled $40 million, a strong performance in an industry that saw steep market declines in the second half of 2014. Despite increasing competition, our share is up in three of our four major categories: butter, refrigerated desserts and food service. Retail Foods saw especially strong volumes and earnings in our butter products, supported by consumer dietary preferences and bolstered by key brandbuilding strategies. The past year was notable for sharp fluctuations in dairy commodity markets; worldwide milk production reached unprecedented levels. Steep declines in milk powder markets late in 2014 also A | signifi 2014 Annual Report cantly impacted our Global Dairy Ingredients business.

FEED Pretax earnings for 2014 totaled $28 million, an increase of $11 million from the previous year. This was driven by several factors including lower input costs from favorable commodity prices plus strong volumes in key segments including dairy, grass cattle, horse and companion animal products. Earnings in the NutraBlend business were also sharply higher. We continued to focus on operational strategies designed to drive market share, performance and accelerated growth. We also continue to leverage the Purina brand. Our state-of-the-art Purina Animal Nutrition Center, newly renovated in early 2014, hosted more than 10,000 customers, potential customers and industry stakeholders during the year. With the facility’s focus on research, development and learning, we are strengthening our leadership position in animal nutrition.

OTHER BUSINESSES During 2014, we made progress on our previously announced plans by profitably divesting of the Western and Midwestern assets of our layers business, operated through Moark, LLC. We continue to evaluate options for the remaining Eastern segment of the business. The layers business performed at a profit during 2014 due to improved business operations and favorable market conditions.


STRATEGY Land O’Lakes’ continuing journey of growth is grounded in consistent enterprise strategies that guide our approach to long-term business development and shorter-term operational goals. Our Strategic Imperatives maintain our focus on: » growth, the underlying goal for all of our imperatives and key to our future success » best talent, building a high-performance culture and best place to work » best member and customer relationships, delivering results to grow and innovate » total margin management, driving performance and creating fuel for growth Our business units pursued multiple growth initiatives in 2014 ranging from product innovations, facility improvements and new technologies to extending the reach of our core brands toward new customers and categories. We also launched an international strategy and structure to forge new markets for our products and expertise in some of the fastest growing economic regions: Canada, Mexico, Africa and China. We’re moving into these markets through partnership and acquisition. In 2014, we advanced our best talent strategy by investing in our existing talent to deepen and extend its knowledge and professional development. In addition, we continued to make progress with our talent pipeline by attracting top talent, recruiting diverse, outside-in thinking and enhancing our campus presence at leading colleges and universities. From the continuing expansion of our student internship program to the launch of a new Global Food Challenge Emerging Leaders program, we are preparing future leaders to engage in the exceptional opportunities of the food and agriculture industries. We also finalized a new, long-term strategic relationship with the University of Minnesota to place Land O’Lakes at the forefront of a variety of student-facing programs across the university. Approximately 20 percent of Land O’Lakes headquarters’ current employees are graduates of the University of Minnesota, and, as we continue to grow, this pipeline of talent from the university will be a critical source for the growth of our company and our industry. These initiatives are designed to energize our workforce with new talent and ideas while we simultaneously develop diverse teams to support future business needs. With consistently strong performance, our capacity to provide value and service to our members is reaching new levels. Through record patronage payments, continued and competitive market access, strong Section 199 deductions and powerful advocacy and representation in Washington, D.C., and across the country, support for our members is an everyday pursuit. This also includes an increased focus on the

latest technology innovations and ever-improving insights and tools to lead the industry in precision agriculture and Big Data management. Land O’Lakes is also expanding new tools to members that leverage enterprise buying power to deliver cost savings in such areas as travel, supplies and vehicles. Our overall growth strategy was supported by more than $1 billion of investments over the last three years, primarily funded from cost savings through margin management initiatives across our operations. Consistently high levels of return on equity and return on invested capital illustrate effective deployment of

L-R: Chris Policinski Pete Kappelman

our capital to drive earnings.

PURPOSE As a federated cooperative system, Land O’Lakes leverages a powerful and relevant business model designed to support the success of our memberowners. We work best when we work together, and we must change and evolve together. The progress we achieved in 2014 is fuel for another leg of our long-term journey, and we are inspired by our higher purpose to help feed a growing global population. Through increased productivity and increasingly sustainable practices, we are committed—as we always have been—to not only participate in this opportunity but to lead into the future.

Sincerely,

Chris Policinski PRESIDENT CHIEF EXECUTIVE OFFICER

Pete Kappelman CHAIRMAN OF THE BOARD

2014 Annual Report | B


A | 2014 Annual Report


G N I S I R

TO THE

CHALLENGE From publications around the world to universities across the country, people have taken notice. by 2050, the demand for food will exceed that of the previous 500 years. A growing global population and rapidly expanding middle class with changing diets will require farmers to increase agricultural productivity by 70 percent within the next 35 years.* And they’ll need to do it using less land and fewer resources. As a federated cooperative system, land O’lakes, inc. is uniquely positioned to address these challenges. in fact, we see this as a great opportunity that we can seize by remaining focused on growth, managing costs and margins and continuing to invest in the best talent. in what many are calling the greatest growth industry of our era, these strategies have set us and our members apart and provide a competitive advantage over a wave of new competitors. together we look to the future with the same purpose: helping farmers grow more food in increasingly sustainable ways to help feed more people at home and around world. * Food and Agriculture Organization of the United nations

2014 Annual Report | 5


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INVESTING FOR

GROWTH

As a farmer-owned food and agriculture cooperative, land O’lakes, inc. has the perspective and expertise to succeed in our great growth industry. but in this highly competitive environment, you’re either growing or getting left behind. So we’re investing in projects to continue our growth by strengthening our brands, bringing innovative products and services to market and expanding our international footprint.


2014 Annual Report | 7


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BUILDING STRONG

PARLOR TALK

BRAND S

Over the summer, our “Kitchen conversations” bloggers teamed up with member-

From new product innovations to technology and agronomic expertise, we’ve made strategic investments in each of our brands—and it’s paid off for our memberowners, customers and consumers.

owners Glen and Sadie Frericks to bring a real look at dairy farming to the online world. “i was thrilled to participate because i know that consumers have questions about where their food comes from,” Sadie said. “the best way to help consumers understand farming is to bring them to a farm. We can’t give farm tours to thousands of people on a regular basis so social media and digital technologies are the next best way to reach them.” During and after a visit to the Frericks’ blue Diamond Dairy, the bloggers shared photos and stories with their online communities. this was a new way to show their readers— often millennials—where their dairy products come from and

DAIRY FOODS

W

e won’t argue with The New York Times, which proclaimed butter was back. In fact, U.S. butter consumption rose to its highest level in 40 years,* which led to record-high butter prices and significant market volatility. Because of the strength of our brand and efforts to reach new consumers, we responded to market conditions and delivered record volume and profits in our branded butter business. While our brand has been a favorite among baby boomers for decades, we’re working to build similar loyalty with the millennial generation. These younger consumers often look for simple, convenient and

what it means to be a modern farmer, all while promoting the lAnD O lAKeS brand and

wholesome products. We had great success recently with products such as Spreadable Butter with Canola Oil, Garlic & Herb Butter Spread and Sauté Express® Meal Starters. We’re also reaching this consumer group in some engaging ways, such as our Webby-Award-winning “Pin A Meal, Give A Meal” Pinterest campaign, our partnership with the “Pioneer Woman” Ree Drummond and through successful campaigns like Kozy Shack’s “Pudding Made Right.” The campaign focused on simple ingredients and helped double Kozy Shack’s brand awareness and drive volume growth and profits. * American butter institute

sharing exclusive recipes. “For all but two of the bloggers, this was their first visit to a dairy farm,” she said. “i think the tour gave them a better understanding of the family farmer-owners of land O’lakes and helped strengthen their relationships with land O’lakes as brand ambassadors.”

See what the bloggers have cooked up. Visit landolakes. com/blog and select Kitchen Conversations.


FEED

Q

uality, innovation and expertise are at the core of the Purina brand. Wanting an effective way to demonstrate how we put these values into everything we do, we made a significant investment in the Purina Animal Nutrition Center located outside St. Louis, Missouri. In 2014, the renovations were completed and visitors began to come in record numbers to see what we had to offer. Co-op, dealer and producer visits to the new-and-improved center more than doubled this past year, surpassing 10,000. As part of 40 national and regional VIP events, visitors to the center experienced our research and products in action. And nearly 83 percent entered into a new or expanded business relationship with Purina as a result of their visit. Overall, the business generated by the research farm exceeded expectations and drove bottom-line growth.

CATTLE VIPs in 2014, the team at the purina Animal nutrition center hosted 11 Vip events for cattle producers. the events were a response to emerging marketing conditions—including record high calf prices and low commodity costs—and a chance to showcase how purina’s value-added product line delivers better results in herds. At the farm, attendees were given an exclusive look at how products like the Wind & Rain® cattle Mineral line and the new Accuration® block, when used as part of a Sustained nutrition program, deliver maximum cattle performance. the results speak for themselves: 90 percent of cattle Vip attendees entered into new or expanded business with us.

CROP INPUTS

T

o meet the increasing demand for food, farmers must maximize available resources to drive productivity. Many are embracing technology as a way to gain greater insight and increase yields without increasing their footprint. As a leading distributor of agricultural products, technology and insights, WinField continues to help farmers meet this challenge. With proprietary offerings such as the R7® Tool, Answer Plot® Program, NutriSolutions 360™ System and Spray Analysis System, we help farmers and retailers make smarter decisions. We’ve also been on the leading edge of advances in Big Data. At the first-ever WinField Ag Technology Summit, more than 200 of our most closely aligned co-op and retail partners got a glimpse at the Answer Tech™ web portal and WinField Data Silo™, which will help farmers better manage and leverage their data in a secure system.

RISE AND OUTSHINE in a world of $8 corn, growth can

Sunrise relies on WinField to source

sometimes take care of itself. then the

the best products and ingredients

market changes, growing conditions

and offer the training and support to

shift and crop prices take a dip. this is

put them to their best use. “precision

when the cooperative model shines.

farming 15 years ago was about taking

“Our main goal is to help each and

grid soil samples every two to three

every one of our farmers become

acres and then applying fertilizer

better,” said George Secor, president

according to that,” said Jerry Miller,

and ceO of Sunrise cooperative, a

vice president of agronomy at Sunrise.

land O’lakes member. “When i pick

“today, precision encompasses many

a partner, i’m either all in or i’m all out.

things. the R7® tool from WinField is

WinField’s always been all in.”

one of the biggest things today in our precision department.”

2014 Annual Report | 9


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CANADA

MEXICO

AFRICA  Liberia KEY INTERNATIONAL COMMERCIAL MARKETS



CURRENT INTERNATIONAL DEVELOPMENT OPERATIONS

GOING GLOBAL There is a huge opportunity to meet the changing needs of a growing global population. The agriculture sector is expanding fast, and there is a strong international demand for milk, protein and agronomic expertise.

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A GLOBAL PARTNERSHIP

CHINA  Afghanistan  Lebanon

 Pakistan

 Egypt

 Bangladesh  Yemen

 Ethiopia  Uganda  Kenya

 Sri Lanka

A strong example of growing with our customers was our October announcement of a partnership with Nestlé to provide feed and forage training, nutrition services and laboratory services at the Nestlé Dairy Farming Institute in Shuangcheng, Harbin City, Heilongjiang Province, China. The center will teach local farmers modern dairy farming skills. The 148-acre facility includes three training farms, replicating progressive, large and mega-sized farms, as well as a training center. As a partner, we’ve developed many of the standard operating procedures, training materials, forage trial protocols and feed and forage solutions.

 Rwanda  Tanzania  Malawi

 Mozambique  Zambia  Madagascar  Zimbabwe

F

or us, this journey began 34 years ago when our International Development Division was created to share our expertise and help our neighbors around the world. Today we work with local farmers and the private sector to build value chains, markets and food systems that bridge supply and demand to create lasting food security in emerging markets. In 2014, we helped 5,751 enterprises with business development services and leveraged more than $13

million to enhance investments in agricultural and economic growth while directly assisting more than 160,000 individuals. Our decades-old development work has helped inform our commercial expansion in a number of emerging markets that provide new outlets for member production and new sources of growth that can be used to reinvest back home. A newly created International Business division is focused on two core strategies: create in-country

assets through partnerships and acquisitions, and expand our export and licensing business – that maximize our effectiveness, minimize risk and create the greatest return on our investment. In 2014, our Global Dairy Ingredients business sold more than 220 million pounds of product into international markets, equaling more than 2.2 billion pounds of member milk.

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RUNNING BETTER

BUSINESSES As we grow, we are also committed to helping our member-owners grow with us. Because of the size and scope of the Land O’Lakes, Inc. system, we have the ability to deliver additional value and make a difference in our members’ businesses.

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DAIRY MEMBERS

W

hile our core services continue to help our member-owners produce the highest-quality milk, we began to look at ways to expand our services beyond the milking parlor. To better address the full scope of our dairy member-owners’ needs, we provided new risk management offerings, delivered value-added training and meetings and continued to invest in new insights and products. Through the launch of a new training program, we gave member-owners a three-month head start on the new Dairy Margin Protection Program (MPP). To reach as many as possible, the training included regional webinars, onsite meetings and individualized on-farm training. More than 75 percent of our dairy members chose to enroll in the MPP, surpassing the national level by more than 25 percent.

MEMBER COOPERATIVES

O

ver the past handful of years, we’ve defined the role we play in helping drive local cooperative success. We see ourselves as partners. We’re here to help our member cooperatives leverage the full spectrum of Land O’Lakes’ resources. Our Ag Customer Team and Business Development Services help cooperative members drive business growth through recruitment efforts ranging from CEO/GM placement to college intern recruitment and sales development tools and programs. When it comes to everyday operations, our Strategic Asset Management team provides construction planning, business consulting and financing strategies to member cooperatives. In just over two years, they’ve initiated 52 projects including about $400 million worth of construction projects and 15 mergers and acquisitions in 15 states.

MPP TRAINING CAMP After the Farm bill was signed into law in early 2014, pennsylvania dairy farmerowner Micah Meyers wanted to make sure he was prepared to make use of the new Dairy Margin protection program (Mpp). When land O’lakes announced the Mpp training series he jumped at the opportunity and attended the regional meeting in Harrisburg, pennsylvania, and his local chambersburg meeting. “the meetings hosted by land O’lakes were very informative and helpful,” said Meyers. “i’m on the local Farm Service Agency committee, and land O’lakes had training available before we did.” When sign-up day arrived, Meyers said he felt more than ready to make his selection. “i felt very comfortable going in to sign up for the program,” he said. “the FSA employee was helpful but, thanks to the training, i basically had my mind made up going in.”

2014 Annual Report | 13


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LOWERING

COSTS

STRENGTHENING

MARGINS Through improved operations that lower costs and strengthen margins—something we call Total Margin Management—we’re supporting the health and growth of our business. Over the last four years, we’ve saved millions of dollars through improvement and simplification of processes. A major transformation in enterprise-wide vendor purchasing delivered more than $4.2 million in annual savings. Similarly, the Kozy Shack team delivered $1.5 million of profit improvements by streamlining management of in-store promotions, advertisements and temporary price reductions.

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2014 Annual Report | 15


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LEVERAGING THE

FEDERATED SYSTEM Member-owners also benefit from our margin management efforts through a variety of programs that cut costs and improve the efficiency of their businesses. By leveraging the collective buying power of our $15 billion cooperative, our members are able to realize savings in areas such as travel, transportation and purchasing.

Sizable Savings

$15M

SUPPLY CHAIN SAVINGS

$6M

DAIRY FOODS REVENUE MANAGEMENT


1} Buying-in to the BuyPoint™ Program looking for a more cost effective way to purchase a variety of products including tractors, facility supplies, office supplies and tires, producers cooperative Association in bryan, texas, began partnering with our buypoint™ service in 2014. “buypoint™ allows us to take advantage of land O’lakes’ size and scale with minimal investment on our part,” said General Manager James Deatherage. “the team has been easy to work with, and we are already seeing savings on products that we’ve purchased.” After just a few months, producers cooperative has been happy with the results and encourages other member cooperatives look into the buypoint™ program. “We are glad that we investigated the program and recommend that others take the time to see if buypoint™ can provide value to their organization,” Deatherage said. “the more of us who purchase together, the lower our prices go.”

2}

3}

Our BuyPoint™ program provides member-cooperatives with access to more than 70,000 products and services from Land O'Lakes’ preferred suppliers. Participating cooperatives have realized savings of up to 30 percent on purchases of agronomy products, human resources services, information technology and maintenance, repair and operations supplies.

Travel services allow members to plan trips for themselves, their families and their business partners while taking advantage of the discounted rates Land O’Lakes has negotiated with a variety of vendors including major airlines, car rental and hotel chains.

The Truck Purchasing Program offers members significant discounts on the purchase of new trucks, farm trailers and other vehicles. Today this program has grown into one of the largest fleet buyers in the country. The nearly 5,000 units sold in 2014 delivered over $26 million in savings for our members.

$60M

$28M

DESIGN-TO-VALUE

SOURCE-TO-PAY

in potential savings through our initiative

in savings toward our

initiative goal of $40 million 2014 Annual Report | 17


| Tal e nt

|

A | 2014 Annual Report


attracting Top

TALENT NeW IDEAS &

There is a soaring demand for top talent throughout our industry. Growing up on a farm is no longer the leading prerequisite for a career in agriculture and food production. In the United States, there are more than 50,000 annual job openings in the food and agribusiness industries that require a bachelor’s degree or higher. Of these, 74 percent are in business and science, 15 percent are in agriculture and production, and 11 percent are in education, communications and governmental services.*

* U.S. Department of Agriculture

2014 Annual Report | 19


| tAl e nt

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Preparing the Next Generation

W

hen it comes to meeting the global food challenge, we know new and innovative ideas come from diverse perspectives. We’ve made strategic investments as our industry evolves to gain a competitive advantage in recruiting the best talent to our team. Over the last few years, we’ve shown up on campuses in a big way. We have increased our presence at events on college and university campuses across the country by 386 percent since the 2008-2009 school year. During this same time period, our internship program has grown 408 percent. Our growing presence on campus has also benefited our federated system: In 2014, we hired 64 interns and trained an additional 155 for our member-cooperatives.

Through the Land O'Lakes Foundation, we also supported a number of key universities—Purdue University, University of Wisconsin, Iowa State University, South Dakota State University and others—by contributing to scholarship programs, gift-matching and direct donations. In September, Land O’Lakes and the Foundation committed to donate $25 million, over a 10-year period, to the University of Minnesota. The contribution will drive student development programs within the College of Food, Agricultural and Natural Resource Sciences, the Carlson School of Management and the College of Science and Engineering along with leadership development of studentathletes. Graduates from these programs are primed to drive innovation in marketing, supply chain, research and development and many other areas.


Advancing the Conversation

A

staggering 98 percent of Americans has no direct connection to where the food they eat comes from.* That leaves just 2 percent with farming ties and a lot of misconceptions about how our food is grown. Now more than ever, we need to continue the conversation about how we’ll meet the challenges ahead. Land O’Lakes helped initiate the Feeding the Planet series that is a part of Planet Forward, a unique convening body hosted by George Washington University’s School of Media and Public Affairs that engages young people and innovators in addressing the biggest challenges facing our planet. The Feeding the Planet series includes think-tank-style salons that each explore specific ideas in addressing the future of food and shapes the agenda of an annual summit built to spark new ideas from scientists, business leaders, advocates, students and government leaders. Our member-owners have joined the discussion: Ten of our dairy farmer and local cooperative member leaders attended the inaugural summit and a number have participated in the salons to share their sustainable productivity stories and offer solutions to complex agricultural problems. We also established the Global Food Challenge Emerging Leaders for Food Security program. The

How would you feed 9 billion people by 2050? Visit foodchallenge.landolakesinc.com to join the conversation.

yearlong fellowship provides an opportunity for 10 students to identify innovative and practical ways to improve food security. In addition to strengthening our relationship with key universities, the program is designed to encourage creative thinking that could spark our industry’s next big innovation. Students will engage with other future leaders and industry advocates, sharing knowledge, experiences and bringing new ideas to the table. The fellowship will culminate in an 11-week summer internship, during which the students will learn from local cooperative and dairy members, engage with legislators and regulators in Washington, D.C., and travel to Africa to participate in a project administered through our International Development Division.

* American Farm bureau

Growing Interest through the Answer plot® community Gardens program, we’re showing FFA students the impact of hunger in their communities—while teaching agronomic skills that can benefit them down the road. WinField agronomists work with FFA chapters throughout the summer with students in charge of planting, growing and harvesting vegetables, which are donated to local food banks. nearby member-cooperatives also help the students tend their gardens. the result is shelves stocked with fresh food for the pantries and lasting relationships and leadership opportunities for the students. in 2014, the program included 23 gardens in 13 states that generated more than 130,000 pounds of food—or 588,000 servings of fresh fruits and vegetables—for donation to local food banks.

2014 Annual Report | 21


EXECUTIVE LEADERSHIP & SENIOR STRATEGY TEAM

FRONT ROW L-R:

John Ellenberger Senior Vice President, U.S. Dairy Foods

Jim Fife Executive Vice President & Group Executive, Ag Businesses

Beth Ford Executive Vice President, Chief Supply Chain & Operations Officer

Loren Heeringa Senior Vice President & Chief Human Resources Officer

Chris Policinski President & Chief Executive Officer

Dan Knutson Executive Vice President & Chief Financial Officer

Pete Janzen Senior Vice President, General Counsel & Chief Administrative Officer

Lisa Deverell Senior Vice President, Feed Business to Business

Jerry Kaminski Executive Vice President, International

Dave Hoogmoed Executive Vice President & Chief Operating Officer, Purina Animal Nutrition

MIDDLE ROW L-R

BACK ROW L-R:

Barry Wolfish

Doug Brunt Senior Vice President, Ag Customer Accounts

Senior Vice President & Chief Marketing Officer

A | 2014 Annual Report

Susan Rankin Vice President, Manufacturing

Mitch Eviston Senior Vice President, WinField Marketing

Mike Macrie Senior Vice President & Chief Information Officer

Susan Grelling Vice President, Member Relations & Commodity Risk

Kevin Shriver Vice President, Procurement & Sourcing

NOT PICTURED:

Jane Politiski Vice President, Financial Planning & Analysis Jon Halverson Vice President, International Development Thea Keamy Vice President, Corporate Strategy Bill Pieper Vice President & Chief Accounting Officer

Mike Vande Logt Executive Vice President & Chief Operating Officer, WinField Carol Kitchen Senior Vice President, Global Dairy Ingredients Ric Sundal Vice President & Chief Operating Officer, Moark


BOARD OF DIRECTORS

FRONT ROW L-R:

MIDDLE ROW L-R:

51

Levi Ransom Nicholson, PA

66

Mark Berning St. Michael, MN

A

Howard Liszt Wayzata, MN

52

Tom Wakefield Bedford, PA

4

Ronnie Mohr GreenďŹ eld, IN

68

Pete Kappelman Two Rivers, WI

1

Jeff Johnson Chaska, MN

3

Stan Stark Pratt, KS

5

Jeff Lakner Wessington, SD

2

3

Rick Brand Somers, IA

80 Cornell Kasbergen

BACK ROW L-R:

68 Greg Tauchen

A 1

Paul Schweiger Hillsboro, WI

80

80

Xavier Avila Tulare, CA

80

65

Lynn Boadwine Baltic, SD

4

Jeff Troike Attica, IN

Scot Janssen Stacyville, IA

2

Doug Reimer Guttenberg, IA

2

Bonduel, WI

Myron Voth Walton, KS

Galen Vetter Edwards, CO

5

Tulare, CA

Dave Andresen Lake City, SD Joey Fernandes Tulare, CA

1

John Habedank Twin Valley, MN

53

Duane Hershey Cochranville, PA

A

Robert Thompson Washington, D.C.

Stephen Mancebo Tulare, CA

DAIRY MEMBER

NOT PICTURED:

80 Ben Curti

Tulare, CA

AG MEMBER

ADVISORY BOARD

2014 Annual Report | 23


A | 2014 Annual Report


© 2015 Land O’Lakes, Inc. | P.O. Box 64101, Saint Paul, MN 55164 | ar.landolakesinc.com

Land O'Lakes, Inc. 2014 Annual Report  

We are pleased to report another strong year, continuing nearly a decade of consistent growth and record-setting performances. We believe st...

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