Farmer Bros. Co. Announces Guenter W. Berger and Hamideh Assadi Will Not Seek Re-election to the Board of Directors
April 24 2017 - 4:00PM
Farmer Bros. Co. (NASDAQ:FARM) (the “Company” or “Farmer Bros.”)
today announced that Guenter W. Berger and Hamideh Assadi have
informed the Company that they will not seek re-election to the
Board of Directors at the end of their current terms in December
2017, ending, for each, decades of distinguished service to the
Company.
After having immigrated to the United States in 1956, Mr. Berger
was called to serve in the U.S. Army, and after two years of
service, he accepted a job with the Company’s Brewmatic division in
Los Angeles. From there he was promoted several times and worked
his way up to the position of General Manager, then to Vice
President of Production at Brewmatic, as well as a Director of
Farmer Bros. In 1985 Mr. Roy F. Farmer requested that Mr.
Berger relocate to the Company’s corporate office in Torrance in
order to manage all production and distribution. Mr. Berger’s
loyalty and dedication to the business, as well as his steadfast
belief in its core values, culminated in his appointment to
President, Chief Executive Officer, and Chairman of the Board of
Directors in 2005. Following his retirement in 2007, Mr.
Berger continued as Chairman and as a member of Farmer Bros.’ Board
of Directors, and his vast knowledge of the Company provided
important vision and guidance as the Company expanded into
specialty coffee and grew its geographic reach, ensuring that the
Company was well-prepared for continued success for the Company’s
next era. Mr. Berger served as Chairman of the Board from
2007 to 2015 and served as Chairman Emeritus since December 2015
and is currently a member of the Nominating and Corporate
Governance Committee.
“I immigrated to the United States of America in pursuit of a
better life, and it became the honor of a lifetime to work for
Farmer Bros.,” said Mr. Berger. “After a 57 year career with
Farmer Bros. and with the support of my family, exceptional
employees, and, especially, the unwavering support from Mr. Roy F.
Farmer, I can proudly say that I fulfilled my American Dream. It
has been my honor to work for this company. Thank you and all the
best in the future for Farmer Bros.”
Hamideh Assadi joined Farmer Bros. in 1985 and served various
roles within the Company for over 23 years, including Tax Manager,
Cost Accounting Manager, Assistant to Corporate Secretary and in
Production and Inventory Control before her retirement in 2007. Ms.
Assadi joined the Board of Directors of Farmer Bros. in 2011 and
currently serves as a member and Chair of the Compensation
Committee and as a member of the Audit Committee.
“We want to thank Guenter and Hami for their many years of
service to Farmer Bros.,” said President and CEO, Mike Keown. “The
Company has benefitted from their contributions through the
investment of their time, talent and passion to our business.
We especially want to acknowledge Guenter’s leadership and vision
during his tenure as CEO, as well as his counsel as a member of our
Board, which were significant contributors to our success over the
years. While we will continue to benefit from Guenter’s and Hami’s
service and contributions through the end of their terms, we want
to acknowledge that their support and valuable guidance will be
missed, and once again thank them for their years of loyalty and
dedication.”
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, hospitals, and
gourmet coffee houses, as well as grocery chains with private brand
coffee and consumer-facing branded coffee and tea products.
Headquartered in Northlake, Texas, Farmer Bros.
Co. generated net sales of over $500 million in
fiscal 2016 and has approximately 1,600 employees nationwide. The
Company's primary brands include Farmer Brothers®, Artisan
Collection by Farmer Brothers™, Superior®, Metropolitan™,
Cain's™, McGarvey® and China Mist®. For more information,
visit: www.farmerbros.com.
Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements.” When used in this press release, the
words “will,” “expects,” “anticipates,” “estimates,” “believes,”
and similar expressions, and statements which 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.
Investor Contact:
Laurie Little
The Piacente Group, Inc.
212-481-2050
farmerbros@tpg-ir.com
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