Farmer Bros. Co. (NASDAQ:FARM) (the “Company” or “Farmer Brothers”)
today announced that its Board of Directors has named Christopher
Mottern as Board Chairman, effective January 22, 2020. Mr. Mottern,
who has served as a director on the Farmer Brothers Board since
2013, succeeds Randy Clark, who will continue to serve as a
director of the Company.
Mr. Mottern was appointed to Farmer Brothers’ Board in 2013 and
recently served as Interim Chief Executive Officer of Farmer
Brothers from May 7, 2019 until October 31, 2019.
Mr. Mottern said, “I am honored to be appointed by my fellow
directors to the role of Chairman of the Board, as we continue to
execute on our turnaround strategy to position the Company for the
long term. I want to thank Randy for his tremendous leadership and
contributions to the Company during a period of significant
transformation for Farmer Brothers. We are fortunate to have Randy
remain on the Board, which will continue to benefit from his skills
and experience.”
Mr. Clark said, “It has been a privilege to serve as the
Company’s Chairman for the last four years. I look forward to
continuing to work closely with Chris, along with the rest of the
Board and management team to enhance Farmer Brothers’ operational
and financial performance.”
In addition, Hamideh Assadi has resigned from the Board for
personal reasons, effective immediately.
Mr. Mottern added, “On behalf of the Board and management team,
I want to express our appreciation for Hami’s many contributions to
the Company and years of distinguished service. We wish her the
best in the future.”
Following these changes, the Board comprises seven people, six
of whom are independent. The Board committee chairs are as follows:
Allison Boersma, Chair of the Audit Committee; David Ritterbush,
Chair of the Nominating & Governance Committee; Chuck Marcy,
Chair of the Compensation Committee.
About Farmer Bros. Co.Founded in 1912, Farmer
Bros. Co. is a national coffee roaster, wholesaler, 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, the Company delivers extensive
beverage planning services and culinary products to its U.S. based
customers. The Company serves a wide variety of customers, from
small independent restaurants and foodservice operators to large
institutional buyers like restaurant and convenience store chains,
hotels, casinos, healthcare facilities, and gourmet coffee houses,
as well as grocery chains with private brand coffee and
consumer-facing branded coffee and tea products, and foodservice
distributors.
Headquartered in Northlake, Texas. The Company's primary brands
include Farmer Brothers®, Artisan Collection by Farmer Brothers™,
Superior®, Metropolitan™, China Mist® and Boyds®.
Forward-Looking StatementsCertain statements in
this communication constitute “forward-looking statements.” When
used in this communication, the words “will,” “expects,”
“anticipates,” “estimates” and “believes,” and similar expressions
and statements that are made in the future tense or refer to future
events or developments, are intended to identify such
forward-looking statements. Such forward-looking statements are
subject to risks, uncertainties and other factors that could cause
the actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward looking statements include, but are not limited to, the
timing and success of our DSD restructuring plan, the Company’s
success in consummating acquisitions and integrating acquired
businesses, the impact of capital improvement projects, the
adequacy and availability of capital resources to fund the
Company’s existing and planned business operations and the
Company’s capital expenditure requirements, the relative
effectiveness of compensation-based employee incentives in causing
improvements in Company performance, the capacity to meet the
demands of our large national account customers, the extent of
execution of plans for the growth of Company business and
achievement of financial metrics related to those plans, the
ability of the Company to retain and/or attract qualified
employees, the success of the Company’s adaptation to technology
and new commerce channels, the effect of the capital markets as
well as other external factors on stockholder value, fluctuations
in availability and cost of green coffee, competition,
organizational changes, the effectiveness of our hedging strategies
in reducing price risk, changes in consumer preferences, our
ability to provide sustainability in ways that do not materially
impair profitability, changes in the strength of the economy,
business conditions in the coffee industry and food industry in
general, our continued success in attracting new customers,
variances from budgeted sales mix and growth rates, weather and
special or unusual events, as well as other risks described in this
presentation and other factors described from time to time in our
filings with the SEC.
These statements are based on management’s current expectations,
assumptions, estimates and observations of future events and
include any statements that do not directly relate to any
historical or current fact; actual results may differ materially
due in part to the risk factors set forth in our most recent
annual, periodic and current reports filed with the SEC. Undue
reliance should not be placed on the forward-looking statements in
this communication, which are based on information available to the
Company on the date hereof, and the Company assumes no obligation
to update such statements.
Contacts
Investor:Joele Frank, Wilkinson Brimmer
KatcherLeigh Parrish, 212-355-4449
Farmer Brothers (NASDAQ:FARM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Farmer Brothers (NASDAQ:FARM)
Historical Stock Chart
From Apr 2023 to Apr 2024