FreshDirect Appoints Jason Ackerman Chief Executive Officer

LONG ISLAND CITY, N.Y., May 16, 2011 /PRNewswire/ -- FreshDirect today announced that the Board of Directors has unanimously named Jason Ackerman, FreshDirect founder and CFO, as Chief Executive Officer, effective immediately.

Jim Manzi, Chairman, said: "Jason Ackerman is the right person to lead FreshDirect into its next phase of growth.  Jason is a proven leader with a combination of financial and operational expertise and a deep understanding of all aspects of the business. He has been a driving force behind FreshDirect's unique business model and is highly respected within our organization.  As a senior leader, he has helped develop and deliver on FreshDirect's growth strategy, most recently with our new investment and partnership with Morrisons.  With this appointment, FreshDirect is better positioned for the future than ever before."

Jason Ackerman is a founder of FreshDirect, which was created in 1999, and is a member of its Board of Directors.  He has served as its Chief Financial Officer for the past seven years.  Before founding FreshDirect, he was an investment banker with Donaldson Lufkin & Jenrette and Crown Capital Group, where he specialized in mergers and acquisitions and corporate financings primarily for the supermarket and specialty retail space.

Jason Ackerman said, "I am honored to be selected as FreshDirect's CEO.  I look forward to continuing to work closely with the talented group of people here as we continue to seek ways to improve our business and expand our customer base.  I am committed to continuing our strategy of making great customer service and quality fresh food the priority throughout our organization.  I am excited about our future and committed to ensuring that FreshDirect is well-positioned for continued success."

In March 2011, Wm Morrison Supermarkets plc (LON: MRW), Britain's fourth largest food retailer, invested $50 million in FreshDirect Holdings LLC and acquired an approximately 10% equity stake in FreshDirect.  Dalton Phillips, Morrisons CEO, and a member of the FreshDirect Board, commented on Ackerman's appointment, "Jason has already won our confidence and as he leads FreshDirect forward, Jason and the management team will continue to have my full support."

About FreshDirect

FreshDirect is the leading profitable online grocer in the U.S. with customers in New York, New Jersey and Connecticut.  It is known for its fresh-from-the-farm foods and brand-name groceries at everyday low prices, all delivered to customers' doors.  FreshDirect's food experts rate all produce and seafood every morning and give each item an Expert Quality Rating to help customers choose what is best and in-season.  FreshDirect customers can enjoy over 600 Entrees and Side Dishes, made fresh daily by professional chefs using the finest, freshest ingredients.  FreshDirect ranks 70th on Internet Retailer's Top 500 Guide®.  For more information, please visit www.freshdirect.com.

Contacts:

Maria Coder

Kimberly Kriger

FreshDirect

Kekst and Company

(718) 928-1303

(212) 521-4862



SOURCE FreshDirect



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