Former Mondelēz International Executive Vice
President & Chief Growth Officer brings over 30 years of
experience in the consumer products industry
Founder & Former CEO Bill Brown
re-appointed Chairman; Sonny Pennington to remain Director
Central Garden & Pet Company (“Central” or the “Company”)
(NASDAQ:CENT) (NASDAQ:CENTA), a leading innovator, producer and
distributor of branded and private label products for the lawn
& garden and pet supplies markets, said today that its Board of
Directors has appointed Timothy (“Tim”) Cofer as Chief Executive
Officer, effective October 14, 2019. Mr. Cofer will also join the
Company’s Board of Directors. Mr. Cofer succeeds George Roeth, who,
as previously announced, will retire from his management and Board
positions at the end of the Company’s fiscal year on September 28,
2019. The Company also announced that its Founder and Former CEO,
Bill Brown, has been re-appointed Chairman of its Board of
Directors. Mr. Brown succeeds Brooks M. (“Sonny”) Pennington III,
who will remain on the Board.
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Timothy Cofer appointed Central Garden
& Pet Chief Executive Officer (Photo: Business Wire)
“We are pleased to welcome Tim, one of the most accomplished
executives in the consumer products industry, to the Central team
and are confident he is the right leader to move Central forward,”
said Mr. Pennington. “With an extensive track record of growing
consumer products businesses both organically and through
acquisitions, Tim has proven himself a distinguished leader
throughout his multi-faceted career. His ability to deliver value
across many aspects of an organization gives the Board the utmost
confidence that he and the team will continue our positive momentum
and drive profitable growth in the years ahead.”
Mr. Pennington continued, “We are grateful to George for his
outstanding service as CEO, President, and a member of our board,
during which time Central has evolved into a larger, stronger and
more diverse company that is growing sustainably. Under George’s
leadership, Central today is well-positioned to build on its
achievements of the last several years. The Board and I thank him
for his many contributions to the success of Central and wish him
well.”
“It is an incredible privilege to join Central, a leader in the
pet and lawn & garden industries, at such an opportune time for
the Company,” said Mr. Cofer. “Central is at an inflection point,
with significant opportunities to grow in a number of different
ways. I look forward to working closely with its group of highly
capable employees to continue moving Central forward, realizing its
significant potential and enhancing its value for all of Central’s
stakeholders.”
Mr. Brown said, “On behalf of the Board, I would also like to
thank George and Sonny for their instrumental roles in positioning
Central for success in the future. The Board and I look forward to
working with Tim and could not be more excited about the direction
we are headed in the future.”
Mr. Cofer brings to Central a proven track record of success in
driving commercial operating excellence in both revenue growth and
margin expansion, inspiring high performing teams to embrace a
winning growth culture and leading significant M&A initiatives.
He joins Central with over 30 years of business leadership
experience across general management, corporate strategy,
marketing, sales, R&D and innovation in the consumer products
industry. Mr. Cofer most recently worked for over 25 years at
Mondelēz International, where he held a variety of executive
positions, including most recently serving as Executive Vice
President and Chief Growth Officer. Previously, he successfully led
two of Mondelēz’s largest and highest growth regions – its Asia
Pacific, Middle East & Africa region and its European region.
He also held leadership roles in key Kraft Foods U.S. businesses as
President, Oscar Mayer Foods and President, Kraft Pizza Company.
Mr. Cofer received his MBA from the University of Minnesota and
earned a BA in economics and political science from St. Olaf
College.
Mr. Brown founded Central Garden & Pet in 1980 and served as
its Chairman of the Board from 1980 to 2018. From 1980 to June
2003, Mr. Brown served as Chief Executive Officer of the Company
and also held the position from October 2007 to February 2013, when
the Board re-appointed Mr. Brown to the post.
About Central Garden & Pet
Central Garden & Pet Company is a leading innovator,
producer and distributor of branded and private label products for
the lawn & garden and pet supplies markets. Committed to new
product innovation, our products are sold to specialty independent
and mass retailers. Participating categories in Lawn & Garden
include: Grass seed and the brands PENNINGTON®, and THE REBELS®;
wild bird feed and the brand PENNINGTON®; weed and insect control
and the brands AMDRO®, SEVIN®, and OVER-N-OUT®; fertilizer and the
brands PENNINGTON® and IRONITE®; live plants from BELL NURSERY; and
decorative outdoor patio products under the PENNINGTON® brand. We
also provide a host of other regional and application-specific
garden brands and supplies. Participating categories in Pet
include: Animal health and the brands ADAMS™, COMFORT ZONE®,
FARNAM®, HORSE HEALTH™ and VITA FLEX®; aquatics and reptile and the
brands AQUEON®, CORALIFE®, SEGREST™ and ZILLA®; bird & small
animal and the brands KAYTEE®, Forti-Diet® and CRITTER TRAIL®; and
dog & cat and the brands TFH™, NYLABONE®, FOUR PAWS®, IMS®,
CADET®, DMC™, K&H Pet Products™, PINNACLE® and AVODERM®. We
also provide a host of other application-specific pet brands and
supplies. Central Garden & Pet Company is based in Walnut
Creek, California, and has approximately 5,400 employees, primarily
in North America. For additional information on Central Garden
& Pet Company, including access to the Company's SEC filings,
please visit the Company’s website at www.central.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts, including expectations for continued
positive momentum, sustainable growth and enhanced value, and a
strong pipeline of growth opportunities, are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in
or implied by forward-looking statements. All forward-looking
statements are based upon the Company’s current expectations and
various assumptions. There are a number of risks and uncertainties
that could cause our actual results to differ materially from the
forward-looking statements contained in this release including, but
not limited to, the following factors:
- seasonality and fluctuations in the Company’s operating results
and cash flow;
- fluctuations in market prices for seeds and grains and other
raw materials and the Company’s inability to pass through cost
increases in a timely manner;
- adverse weather conditions;
- our dependence upon our key executives and a successful CEO
transition;
- our ability to grow through potential acquisitions;
- the impact of new accounting regulations and the U.S. Tax Cuts
and Jobs Act on the Company's tax rate;
- dependence on a small number of customers for a significant
portion of our business;
- the impacts of recent and future tariffs or a trade war;
- risk associated with litigation arising from our business;
- uncertainty about new product innovations and marketing
programs; and
- competition in our industries.
These risks and others are described in the Company’s Securities
and Exchange Commission filings. The Company undertakes no
obligation to publicly update these forward-looking statements to
reflect new information, subsequent events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190916005250/en/
Steve Zenker VP Finance - Investor Relations, FP&A, &
Corporate Communications Central Garden & Pet Company
925.948.3657
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