Farmer Brothers Appoints Scott Drake as Chief Financial Officer
March 16 2020 - 8:30AM
Farmer Bros. Co. (NASDAQ:FARM) (the “Company”) today announced the
appointment of Scott Drake as Chief Financial Officer and
Treasurer, effective March 23, 2020. Scott Lyon will continue to
serve in his role as Farmer Brothers’ Vice President, Controller.
Mr. Drake brings two decades of financial executive experience,
including deep knowledge of the food & beverage and retail
industries. He most recently served as GameStop Corp.’s Senior Vice
President, Finance and Treasurer, where he oversaw financial
planning and analysis, capital planning, risk management, mergers
and acquisitions, and worldwide treasury functions. Prior to that,
Mr. Drake served as 7-Eleven, Inc.’s Vice President, Finance
Strategy and Communications from 2001 to 2015, where he oversaw
corporate strategy, corporate communications and investor
relations, financial planning and analysis, and capital planning
functions. Prior to 2001, he held finance and accounting positions
with Arthur Andersen, La Madeleine French Bakery and Café,
Coca-Cola Enterprises and Coopers & Lybrand. Mr. Drake received
a B.B.A. in Finance and Accounting and an M.B.A. in Corporate
Finance from Texas A&M University. He is also a Certified
Public Accountant.
“Following a thorough search, I am pleased to welcome Scott
Drake to the Farmer Brothers team,” said Deverl Maserang, President
and CEO. “He is a highly-accomplished executive bringing nearly 20
years of financial experience and knowledge of our industry. We are
confident that Scott will be a great member of the team and his
skills will serve us well as we build upon the important progress
we have made to return Farmer Brothers to growth and profitability.
I would also like to thank Scott Lyon for his outstanding service
as Interim Principal Financial and Accounting Officer during our
search for a permanent CFO.”
Scott Drake added, “I am honored to join Farmer Brothers, a
company with a strong legacy and commitment to high-quality
products, sustainability leadership and superior customer service.
As the Company is in the midst of a turnaround, I am excited to
drive forward a level of financial leadership and rigor that will
position the Company to execute on its strategic initiatives. I
look forward to working closely with Deverl and the Company’s
talented team to further strengthen Farmer Brothers’ foundation and
deliver enhanced value for our stakeholders.”
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 branded coffee and tea
products, and foodservice distributors.
Headquartered in Northlake, Texas, Farmer Bros. Co. generated
net sales of $595.9 million in fiscal 2019 and has approximately
1,470 employees nationwide. The Company’ s primary brands include
Farmer Brothers®, Artisan Collection by Farmer Brothers™,
Superior®, Metropolitan™, China Mist® and Boyds®.
Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements.” When used in this communication, the
words “will,” “expects,” “anticipates,” “estimates” and “believes,”
and similar expressions and statements that 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. Factors that could cause actual results to differ
materially from those in forward looking statements include, but
are not limited to, the timing and success of our DSD restructuring
plan, the impact of capital improvement projects, the adequacy and
availability of capital resources to fund the Company’s existing
and planned business operations and the Company’s capital
expenditure requirements, the relative effectiveness of
compensation-based employee incentives in causing improvements in
Company performance, the capacity to meet the demands of our large
national account customers, the extent of execution of plans for
the growth of Company business and achievement of financial metrics
related to those plans, the ability of the Company to retain and/or
attract qualified employees, the success of the Company’s
adaptation to technology and new commerce channels, the effect of
the capital markets as well as other external factors on
stockholder value, fluctuations in availability and cost of green
coffee, competition, organizational changes, the effectiveness of
our hedging strategies in reducing price risk, changes in consumer
preferences, our ability to provide sustainability in ways that do
not materially impair profitability, changes in the strength and
stability of the economy, business conditions in the coffee
industry and food industry in general, our continued success in
attracting new customers, variances from budgeted sales mix and
growth rates, weather and special or unusual events, as well as
other risks described in this report and other factors described
from time to time in our filings with the SEC.
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 our most recent
annual, periodic and current reports filed with the SEC. Undue
reliance should not be placed on the forward-looking statements in
this communication, which are based on information available to the
Company on the date hereof, and the Company assumes no obligation
to update such statements.
Contact:
Joele Frank, Wilkinson Brimmer
Katcher
Leigh Parrish 212-355-4449
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