Farmer Brothers Appoints Deverl Maserang as President and Chief Executive Officer
September 10 2019 - 4:05PM
Farmer Bros. Co. (NASDAQ:FARM) (the “Company”) today announced the
appointment of Deverl Maserang as President, Chief Executive
Officer, and a member of the Company’s Board of Directors (the
“Board”), effective September 13, 2019. Mr. Maserang succeeds Chris
Mottern, who has served as interim Chief Executive Officer since
May 2019. Mr. Mottern will work closely with Mr. Maserang to ensure
a smooth transition of responsibilities and will remain a member of
the Board.
Mr. Maserang brings to Farmer Brothers more than 30 years of
leadership in turnarounds and global supply-chain transformations,
along with deep experience in the food and beverage industry. He
most recently served as President and CEO of Earthbound Farm
Organic, where he led the company to deliver record operational
execution metrics and reestablished the brand with a dynamic
innovation pipeline while launching over 100 products. Prior to
that, Mr. Maserang held multiple senior positions at food and
beverage companies including Starbucks, Chiquita Brands and Pepsi
Bottling Group.
“On behalf of the Board, I am pleased to welcome Deverl to
Farmer Brothers at this important time for our company and
industry," said Randy Clark, Chairman of the Board. “Deverl is a
highly accomplished executive with a proven track record of success
in business turnarounds and operational excellence, especially in
the food and beverage industry. I am confident that under his
leadership and with the recent momentum of change at all levels of
the Company that we are well positioned to make even greater
operational improvements across our organization.”
“I am honored to join Farmer Brothers at a time of great
opportunity for the Company,” said Mr. Maserang. “I am confident
that Farmer Brothers has the right capabilities and a strong
platform to be a competitive player in the market. I look forward
to working closely with the Board and the rest of the Company’s
management team to continue providing our valued customers the best
products and services while we focus on delivering improved results
and enhancing shareholder value.”
“It has been a privilege to serve as the Company’s Interim CEO
and work with Farmer Brothers’ team of talented employees,” said
Chris Mottern, Interim CEO. “I look forward to working with Deverl
in my capacity as a member of the Board as the Company continues to
build on its foundation for future growth and success.”
Fourth Quarter and Fiscal Year 2019 Financial
Results
In a separate release, the Company disclosed its financial
results for its fourth quarter and fiscal year ended June 30, 2019.
The Company will host an audio-only investor conference call
webcast today, September 10, 2019, at 5:00 p.m. Eastern time (4:00
p.m. Central time) to review its financial results.
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®.
Contacts
Investor:Joele Frank, Wilkinson Brimmer
KatcherLeigh Parrish, 212-355-4449
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