Farmer Brothers announces transition of chief financial officer
07 Agosto 2023 - 5:25PM
Farmer Brothers Company (NASDAQ: FARM), a leading roaster,
wholesaler, equipment servicer and distributor of coffee, tea and
other allied products, announced today it has commenced a
transition of its chief financial officer role.
Under the transition plan, the board of directors and Chief
Financial Officer Scott Drake have mutually agreed his employment
with Farmer Brothers will conclude on Oct. 1, 2023. Mr. Drake will
assist with the transition, including finalizing and approving the
company’s fiscal year 2023 year-end reporting and filings, fiscal
year 2024 budget planning and related transitional services
associated with the company’s recently closed sale of its direct
ship business to TreeHouse Foods. The planned transition is not
connected to any concerns related to the company’s fiscal 2023
financial results, which will be reported on schedule in
September.
Farmer Brothers Vice President of Finance Brad Bollner will
serve as the interim chief financial officer as the company
conducts a search for a new chief financial officer. Mr. Bollner
joined Farmer Brothers in 2022. During his more than 25-year
finance career, he has served in senior roles at Dave and Busters,
Vail Resorts, Inc. and Game Stop Corp. He holds a Bachelor of
Science degree in finance and economics from Trinity University and
a certification with distinction from Harvard Business Analytics
Program.
“As we move forward with our focus on our direct store delivery
business the time was right to transition our chief financial
officer role. Scott has played an integral part in Farmer Brothers’
strategic transformation during his tenure with the company,
including helping lead the recent sale of our direct ship business
and Northlake, Texas facility,” said Chief Executive Officer Deverl
Maserang. “We greatly appreciate his service, including through
this transition period. We wish Scott the very best.”
About Farmer BrothersFounded in 1912, Farmer
Brothers is a national coffee roaster, wholesaler, equipment
servicer and distributor of coffee, tea and culinary products. The
company’s product lines, include organic, Direct Trade and
sustainably produced coffee. With a robust line of coffee, hot and
iced teas, cappuccino mixes, spices and baking/biscuit mixes,
Farmer Brothers delivers extensive beverage planning services and
culinary products to its U.S.-based customers. It serves a wide
variety of customers, from small independent restaurants and
foodservice operators to large institutional buyers, such as
restaurant, department and convenience store chains, hotels,
casinos, healthcare facilities and gourmet coffee houses, as well
as grocery chains with private brand coffee and consumer branded
coffee and tea products, and foodservice distributors.
Headquartered in Northlake, Texas, Farmer Brothers generated net
sales of $469.2 million in fiscal 2022. The company’s primary
brands include Farmer Brothers, Artisan Collection by Farmer
Brother, Superior, Metropolitan, China Mist and Boyd’s.
Investor relations
contactEllipsisInvestor.relations@farmerbros.com646-776-0886
Media contactBrandi WesselDirector of
Communications405-885-5176bwessel@farmerbros.com
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