Farmer Brothers Announces Election of Stacy Loretz-Congdon to Board of Directors
December 06 2018 - 4:15PM
Farmer Bros. Co. (NASDAQ: FARM), a national coffee roaster,
wholesaler and distributor of coffee, tea, and culinary products,
today announced that stockholders have voted to elect Stacy
Loretz-Congdon, independent director, to the Company’s Board of
Directors (the “Board”) at its 2018 Annual Meeting of Stockholders
(the “Annual Meeting”). Randy Clark, who has served as a director
of the Company since 2012, has also been re-elected and will
continue in his role as Chairman.
Ms. Loretz-Congdon brings over two decades of leadership
experience in the convenience retail and foodservice distribution
industry, as well as deep expertise in financial planning, M&A,
and accounting. She previously served as the Chief Financial
Officer of Core-Mark, where she was instrumental in driving
significant value creation during her 26 year tenure with the
organization. In addition to her role as CFO, Ms. Loretz-Congdon
served on the Information Technology Steering Committee and the
Investment Committee at Core-Mark, and as a board member of all
Core-Mark subsidiaries.
“We are excited to welcome Stacy to Farmer Brothers’ Board of
Directors,” said Randy Clark, Chairman of the Board. “Stacy’s
significant experience as a public company CFO and unique industry
perspective, including significant DSD experience, will be
invaluable to the Board as we continue to execute on our strategy
to build sustainable, profitable growth and create long-term value
for our shareholders. The addition of Stacy further underscores our
commitment to upholding strong corporate governance, including
Board refreshment, independence and diversity.”
The preliminary results also indicate that stockholders approved
all other proposals at the Company’s Annual Meeting.
The Company will file final voting results with the Securities
and Exchange Commission on a Form 8-K once they are certified by
the independent inspector of elections.
About Stacy Loretz-Congdon
Stacy Loretz-Congdon retired at the end of 2016 after 26 years
of service at Core-Mark, one of the largest marketers of fresh and
broad-line supply solutions to the convenience retail industry in
North America, where she served in various capacities, including as
Senior Vice President, Chief Financial Officer and Assistant
Secretary from December 2006 to May 2016 and Executive Advisor from
May 2016 through December 2016. From January 2003 to December 2006,
Ms. Loretz-Congdon served as Core-Mark’s Vice President of Finance
and Treasurer and from November 1999 to January 2003 served as
Core-Mark’s Corporate Treasurer. Ms. Loretz-Congdon joined
Core-Mark in 1990. Ms. Loretz-Congdon’s experience at Core-Mark
included oversight of all finance functions, including all
corporate finance disciplines, strategy execution, risk mitigation,
investor relations, as well as involvement with benefits, executive
compensation and technology initiatives. During her tenure as
Senior Vice President and Chief Financial Officer, Ms.
Loretz-Congdon served on the Information Technology Steering
Committee and the Investment Committee at Core-Mark, as well as a
board member of all Core-Mark subsidiaries. Core-Mark is a Fortune
500, publicly traded company listed on the NASDAQ Global Market. In
2015, Ms. Loretz-Congdon was named as one of the Top 50 female CFOs
in the Fortune 500 by Business Insider and Woman of the Year by
Convenience Store News. Prior to joining Core-Mark, Ms.
Loretz-Congdon was an auditor for Coopers & Lybrand. Ms.
Loretz-Congdon received her Bachelor of Science degree in
Accounting from California State University, San Francisco. She is
a certified public accountant (inactive) in the State of
California. Ms. Loretz-Congdon is an NACD Governance Fellow and
NACD Board Leadership Fellow demonstrating her commitment to
boardroom excellence by completing NACD’s comprehensive corporate
governance programs for directors.
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, 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 Bros. Co. generated
net sales of over $600 million in fiscal 2018 and has approximately
1,600 employees nationwide. The Company’s primary brands include
Farmer Brothers®, Artisan Collection by Farmer Brothers™,
Superior®, Metropolitan™, China Mist® and Boyds®.
ContactsInvestor:
Joele Frank, Wilkinson Brimmer KatcherLeigh Parrish,
212-355-4449
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