Concerned Stockholders Urge Farmer Bros. Stockholders to Bring Renewed Perspective to the Board and Reintroduce Farmers’ Pr...
Jeanne Farmer Grossman (individually and as the sole trustee of
certain trusts), Thomas William Mortensen, and Jonathan Michael
Waite (collectively, the “Concerned Stockholders”), who together
beneficially own approximately 4.9% of the outstanding common stock
of Farmer Bros. Co. (“Farmer Bros.” or the “Company”), today issued
an open letter to stockholders of Farmer Bros. Co. urging them to
vote the GOLD
proxy card to bring needed change
and experience to the Farmer Bros. Board. The full text
November 14, 2019
Dear Fellow Farmer Bros Co. Stockholders,
I am writing you on behalf of a group of concerned Farmer Bros.
stockholders. Together we own 4.9% of the Company’s
shares. Like you, our investment has suffered as a result of
poor decisions, inept management, questionable governance and a
complete lack of support for the culture and client-focused
strategy that made Farmer Bros. a success.
The reality is that this Board has pursued short-sighted tactics
and financial engineering, seemingly designed to boost quarterly
results (albeit unsuccessfully) and to enrich management and
insiders at the expense of stockholders and employees.
STOCK PRICE COLLAPSE
- Over the past three years the Company’s shares have lost 59% of
their value compared to a 45% rise in the S&P 500.
- Over the last five years the stock has fallen by 54% while the
S&P 500 is up 52%.
LACK OF VISION
- An absence of diversity of experience on the Board has impeded
alternatives and has allowed management to make disastrous
- Despite the financial evidence that many mistakes have been
made, the Board does not understand what it actually takes to turn
the now-flailing Company around to profitability.
- Since May 2019, the company has had 3 CEOs and the Senior Vice
President and General Manager, Chief Legal Counsel and Chief
Operating Officer have resigned.
- Since 2017, 2 CFOs have left the company and the Company is
currently operating without one.
It is critical that at the upcoming Annual Meeting, stockholders
make their voices heard by electing two new directors, Tom
Mortensen and Jonathan Waite, who understand Farmer Bros. and know
how to make it successful again. Once elected, they will work
with the Board and new CEO Deverl Maserang to begin the process of
returning Farmer Bros. to the values and principles upon which it
ELECT NEW DIRECTORS!
- We have nominated Tom Mortensen and Jonathan Waite, two new
director candidates who are deeply familiar with Farmer Bros., its
core values and its business.
- Tom and Jonathan have seen the Company succeed in the past and
can effectively oversee and support our new CEO as he executes a
- In addition to Tom and Jonathan, we are supporting new CEO
Deverl Maserang’s election as a director.
VOTE FOR OUR EXPERIENCED DIRECTORS TO
TURN-AROUND FARMER BROS AND CREATE VALUE
We urge you to vote using only your GOLD PROXY
Your support is extremely important. If you have any questions,
please call our proxy solicitor Okapi Partners toll-free at (877)
274-8654 or email email@example.com.
Please wait until you receive and review the Concerned
Stockholders’ proxy materials and GOLD proxy card before
you cast your vote in connection with the Annual
Sincerely, Jeanne Farmer Grossman
If your shares are held in street name, your bank or broker can
vote your shares only upon receipt of your specific instructions.
Please contact the person responsible for your account and instruct
them that you only wish to vote
the GOLD proxy card.
If you have any questions or need further assistance, please
contact Okapi Partners at (877) 274-8654 or by e-mail
INVESTOR CONTACT:Okapi Partners LLC1212 Avenue
of the Americas, 24th FloorNew York, NY 10036+1
MEDIA CONTACT:Dan Gagnier / Jeffrey Mathews
Gagnier Communications +1 646-569-5897 firstname.lastname@example.org
CERTAIN INFORMATION CONCERNING THE
The Concerned Stockholders have filed a definitive proxy
statement and an accompanying GOLD proxy card with the Securities
and Exchange Commission (the “SEC”) to be used to solicit votes for
the election of its nominees at the 2019 Annual Meeting of
Stockholders of Farmer Bros. Co.
THE CONCERNED STOCKHOLDERS STRONGLY ADVISE ALL STOCKHOLDERS OF
THE COMPANY TO READ THEIR PROXY STATEMENT AND OTHER PROXY MATERIALS
AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON
THE SEC’S WEB SITE AT WWW.SEC.GOV. IN ADDITION, THE CONCERNED
STOCKHOLDERS WILL PROVIDE COPIES OF THEIR PROXY STATEMENT WITHOUT
CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE
CONCERNED STOCKHOLDERS’ PROXY SOLICITOR, OKAPI PARTNERS, AT ITS
TOLL-FREE NUMBER: (877) 274-8654 OR AT INFO@OKAPIPARTNERS.COM.
The participants in the proxy solicitation are: Jeanne Farmer
Grossman, the Jeanne Grossman Living Trust, the 1964 Jeanne Ann
Farmer Grossman Trust, the 1969 Jeanne Ann Farmer Grossman Trust,
the 1972 Jeanne Ann Farmer Grossman Trust, the 1987 Roy F
Farmer Trust II, the 1988 Roy F Farmer Trust II, the 1988 Roy F
Farmer Trust III, the 1990 Brynn Elizabeth Grossman Trust, and the
1992 Brynn Elizabeth Grossman Trust, Thomas William Mortensen, and
Jonathan Michael Waite.
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