Farmer Brothers announces transition of chief executive officer
06 Setembro 2023 - 5:45PM
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 the chief executive officer role.
Under the transition plan, the board of directors and Chief
Executive Officer Deverl Maserang have mutually agreed his
employment with Farmer Brothers will conclude on Sept. 30 and he
will complete his current term as a member of the board, unless his
permanent successor is identified prior to the end of his term.
Farmer Brothers’ current Head of Coffee John Moore will assume the
role of interim CEO starting Oct. 1. The planned transition is not
connected to any disagreements or concerns with the company’s
operations, policies or practices. Mr. Maserang’s continued service
as a member of the board will ensure an orderly transition as the
company moves forward with its commitment to right sizing its
operating cost structure to better align with the current size of
the company.
“Under Deverl’s leadership, Farmer Brothers implemented a
multi-year turnaround effort, managed through the significant
business challenges posed by the COVID-19 pandemic, and more
recently, executed the sale of our direct ship and private label
business, including our production facility and corporate office
building in Northlake, Texas as we continue to optimize our
manufacturing and distribution network. We greatly appreciate
Deverl’s tremendous contributions at the management and board
levels,” said Farmer Brothers Chairman of the Board Alfred Poe. “As
we move forward with our full focus on our direct store delivery
business, we will be bringing on a new generation of leadership to
drive the company toward profitable growth and value creation.”
“Farmer Brothers has exciting opportunities ahead and it has
been a pleasure to help position the company to realize its true
potential,” said Mr. Maserang. “I look forward to working with the
board on identifying new leadership at the CEO and CFO positions as
the entire Farmer Brothers team continues to work hard to complete
our journey to profitability.”
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
Brothers, Superior, Metropolitan, China Mist and Boyd’s.
Forward-looking statementsThis press release
and other documents we file with the Securities and Exchange
Commission (SEC) contain forward-looking statements that are
based on current expectations, estimates, forecasts and projections
about us, our future performance, our financial condition, our
products, our business strategy, our beliefs, our management’s
assumptions, the search for a successor CEO and the anticipated
benefits to the Company as a result of the CEO transition,
including the expected results following the transition. These
forward-looking statements can be identified by the use of words
such as, “anticipates,” “estimates,” “projects,” “expects,”
“plans,” “believes,” “intends,” “will,” “could,” “may,” “assumes”
and other words of similar meaning. These statements are based on
management’s beliefs, assumptions, estimates and observations of
future events based on information available to our management at
the time the statements are made and include any statements that do
not relate to any historical or current fact. These statements are
not guarantees of future performance and they involve certain
risks, uncertainties and assumptions that are difficult to predict.
Actual outcomes and results may differ materially from what is
expressed, implied or forecast by our forward-looking statements
due in part to the risks, uncertainties and assumptions set forth
in this press release and Part I, Item 1A of our annual report on
Form 10-K for the fiscal year ended June 30, 2022 filed
with the SEC on Sept. 2, 2022 (the 2022 Form
10-K) as amended by Amendment No. 1 to the 2022 Form 10-K, filed
with the SEC on Oct. 27, 2022, as well as other
factors described from time to time in our filings with
the SEC.
Given these risks and uncertainties, you should not rely on
forward-looking statements as a prediction of actual results. Any
or all of the forward-looking statements contained in this press
release and any other public statement made by us, including by our
management, may turn out to be incorrect. We are including this
cautionary note to make applicable and take advantage of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 for forward-looking statements. We expressly disclaim any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, changes in
assumptions or otherwise, except as required under federal
securities laws and the rules and regulations of the SEC.
Investor relations
contactEllipsisInvestor.relations@farmerbros.com646-776-0886
Media contactBrandi WesselDirector of
Communications405-885-5176bwessel@farmerbros.com
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