ConAgra Foods has a number of great brands and businesses to drive future growth. We will build on those strengths by coupling disciplined investments in well-positioned brands with a more streamlined operating structure.

As we sell these assets, we will scale back our related corporate and shared services infrastructure to ensure that it is the right size for our businesses going forward. We expect a number of people directly involved in these operations to be employed by the new owners or offered other jobs within ConAgra Foods.

The changes improve accountability and reduce complexity in our management structure. Aligning our managers directly with our key priorities will result in better execution and effectiveness.

We will try and invest for future growth.

However, we anticipate large public builders will continue to gain share from smaller players supporting future growth.

While overall brand results are mixed, I am encouraged by the durability and potential of some of our major brands, given our inconsistent and relatively low marketing investments.