Farmer Bros. Co. (NASDAQ:FARM) (the “Company” or “Farmer Brothers”)
today announced that Ruben Inofuentes has been named Chief Supply
Chain Officer, effective November 15. The Company also announced
the appointment of Scott Lyon as interim principal financial and
accounting officer, effective November 4. David Robson has departed
the Company and Farmer Brothers has initiated a search to identify
its next Chief Financial Officer.
Mr. Inofuentes is an innovative leader with a successful track
record of running complex company operations. In his role as Farmer
Brothers’ Chief Supply Chain Officer, Mr. Inofuentes will be
responsible for leading the Company’s Manufacturing, Logistics,
Procurement, Quality, Engineering and Innovation teams. Most
recently, Mr. Inofuentes served as Chief Operations Officer for
JR286, a global leader in the sporting goods industry, where he
expanded the company’s operations, relocated manufacturing,
reengineered product supply chain and vendor strategy as well as
reduced costs. Prior to JR286, he held various technical and
leadership roles at Advocare International, Oracle and United
Parcel Service among others.
Deverl Maserang, President and Chief Executive Officer of Farmer
Brothers said, “One of my key initiatives is to engage the best
industry talent to help drive future growth at Farmer Brothers. I
am thrilled to have Ruben join the Farmer Brothers team and lead
our supply chain operations at this critical juncture as we work to
improve inventory management, rebalance our network and
consistently achieve our on-time and fill rate goals. Ruben is a
proven innovative leader with a successful track record in supply
chain transformations and operational excellence and I am confident
that we will benefit from his expertise and insights.”
Mr. Inofuentes said, “It is a privilege to join Farmer Brothers
and leverage my leadership experience to help the organization
drive improvement across manufacturing, logistics, procurement,
quality, engineering and innovation. I look forward to working
alongside the entire Farmer Brothers team to enhance our operations
and optimize our supply chain.”
Mr. Lyon brings over ten years of experience, including more
than five years of management experience in both public accounting
and global public companies. Mr. Lyon joined Farmer Brothers in
August 2018 as Assistant Controller and has served in the role of
Corporate Controller since October 2018. In these roles, he has
been responsible for the Company’s financial statements, general
ledger, managing all accounting functions, and communications with
external auditors. He will continue to serve in this role while
taking over the Company’s responsibilities of the principal
financial and accounting officer on an interim basis.
Mr. Maserang continued, “I am pleased to have Scott step into
this expanded interim role within our finance organization. He
brings a strong background in accounting and finance as well as
deep knowledge of our company, having been instrumental in helping
us improve our internal processes. I am confident he will continue
to make valuable contributions to the Company during this
transitional period while we conduct a search for a permanent CFO.
Additionally, on behalf of the Board and management team, I want to
thank David for his contributions to the Company and wish him the
best in the future.”
Mr. Lyon said, "I am excited take on this interim role as we
work to return Farmer Brothers to growth and profitability. I
look forward to working alongside Farmer Brothers’ Board and
management team to build on the Company’s progress.”
First Quarter Fiscal 2020 Financial Results and Earnings
Call
Farmer Brothers today separately announced financial results for
its first quarter ended September 30, 2019. The Company will host
an audio-only investor conference call webcast today at 5:00 p.m.
Eastern time (4:00 p.m. Central time) to review the Company’s
financial results. The Company’s earnings press release is
available on the Company’s website at www.farmerbros.com under
“Investor Relations.”
About Ruben InofuentesMr. Inofuentes is an
innovative leader with over 20 years of experience in operations
and supply chain. He has deep operations, supply chain
experience and is focused on driving quality service levels up and
costs out of the supply chain. Most recently, Mr. Inofuentes served
as Chief Operations Officer for JR286, a global leader in the
sporting goods industry, where he expanded the company’s
operations, relocated manufacturing, reengineered product supply
chain and vendor strategy as well as reduced costs. Prior to JR286,
he held various technical and leadership roles at Advocare
International, Oracle and United Parcel Service among others. Mr.
Inofuentes graduated from the Iowa State University with a Bachelor
of Science in Industrial Engineering.
About Scott LyonMr. Lyon joined Farmer Brothers
in August 2018 as its Assistant Controller and has served in the
role of Corporate Controller since October 2018, responsible for
the Company’s financial statements, general ledger, managing all
accounting functions, and communications with external auditors.
Prior to joining the Company, Mr. Lyon served as Assistant
Controller of ION Geophysical, a publicly traded oil and gas
service company, where he was responsible for all operational
accounting functions including the direction of monthly close
activities and SOX compliance, from April 2016 to August 2018.
Prior to that, Mr. Lyon served as SEC Reporting Manager from
September 2013 to April 2016, of Ensco Plc, a publicly traded
offshore drilling company. Mr. Lyon’s responsibilities included
managing the external reporting process and all SEC filing matters.
Mr. Lyon served with KPMG LLP from 2007 to 2013, most recently as
an Audit Manager. Mr. Lyon received his undergraduate degree in
Finance and his master’s degree in accounting from Tulane
University. Mr. Lyon is also a Certified Public
Accountant.
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 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. 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 the Company’s most recent annual, periodic and current
reports filed with the Securities and Exchange
Commission (the “SEC”). Such forward-looking statements
are subject to risks, uncertainties and other factors that could
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements
include, but are not limited to, statements regarding the Company’s
success in improving supply chain performance, the impact of
capital improvement projects, and the timing and results thereof,
the capacity to meet the demands of the Company’s large national
account customers, the extent of execution of plans for the growth
of the Company’s business and achievement of financial metrics
related to those plans, the relative effectiveness of the Company’s
compensation-based employee incentives in causing improvements in
the Company’s performance, and the ability of the Company to retain
and/or attract qualified employees. The Company intends these
forward-looking statements to speak only at the time of this press
release and the Company does not undertake to update or revise
these statements as more information becomes available except as
required under federal securities laws and the rules and
regulations of the SEC.
Contacts
Investor:Joele Frank, Wilkinson Brimmer
KatcherLeigh Parrish, 212-355-4449
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