Maple Leaf to streamline after sale of Canada Bread

March 31, 2014, Toronto – Maple Leaf Foods recently announced changes to its
organizational structure and leadership that will be effective upon completing
the sale of its 90 per cent ownership in Canada Bread Company to Grupo Bimbo, which
is expected to occur in the second quarter.

"Following the sale of our bakery operations, Maple
Leaf will be a leading, branded consumer packaged meats company, focused on
profitable growth within and eventually beyond Canada," said Michael H.
McCain, president and CEO, in a media statement. "These changes will
support that future by consolidating multiple layers of management into a
streamlined, responsive and integrated structure."  

Transitioning to the new organization will result in a number
of changes in the executive team, as some long-serving members retire and other
roles are eliminated. At the most senior level:

• Gary Maksymetz will succeed Richard Lan as chief
  operating officer. Maksymetz has over three decades of commercial and operational
  experience in the North American meat industry, with 20 years at Maple Leaf
  where he has held a range of executive roles in the company's fresh and
  prepared meats businesses and has led these operations for the past four years.
• Debbie Simpson will succeed Michael Vels as
  chief financial officer. For the past seven years, Debbie has held senior finance
  roles at Maple Leaf, where she has been responsible for financial reporting and
  consolidation, debt financing, divestitures, treasury, capital spending and
  risk management. Vels will remain with the company until the end of the year to
  lead the separation of the bakery business, the Maple Leaf organizational
  transition and support the transfer of his responsibilities to Simpson.  Vels
  will be leaving the organization after a long and impactful career at Maple
  Leaf where he drove success across a number of major financial, operational and
  strategic initiatives, reports Maple Leaf.  
• Richard Lan will serve as chief customer officer
  until the end of 2014, at which time he will retire from the company. In this
  role, he will support the transition of his extensive commercial knowledge and
  relationships, working with sales leaders to continue to enhance the
  customer-oriented foundation of the business. Lan has been a major architect of
  the company's sales strategies and has been with Maple Leaf since 1995. He has
  held the position of COO, Food Group for the past eight years.   
• Scott McCain, chief operating officer of the
  Agribusiness Group, will be retiring at the end of June after 19 years with
  Maple Leaf. His leadership and knowledge of the agribusiness sector and
  manufacturing contributed to enhanced profitability and realization of
  significant value for the company, reports Maple Leaf.   

Together, the new team has an extensive knowledge of the
food sector and Maple Leaf Foods, with an average tenure at the company of
almost 20 years. Over the next few months, the new senior executives will work
with their teams to establish the right structure and resources to continue to
build excellence within their functions and efficiently meet the company's
future requirements.

"I am highly confident that our team going forward has
the talent and experience to execute on our plans and enable Maple Leaf Foods
to achieve its potential," said McCain. "We are all excited about
embarking on a new chapter as we complete a major restructuring that will
establish a highly competitive, low cost supply chain and increase our focus on
delivering higher levels of profitable growth."