Farmer Brothers Appoints Maurice Moragne as Chief Sales Officer
June 10 2020 - 8:30AM
Farmer Bros. Co. (NASDAQ:FARM) (the “Company”) today announced the
appointment of Maurice Moragne as Chief Sales Officer, effective
June 8, 2020.
Mr. Moragne brings over thirty years of experience in the
consumer goods industry with deep knowledge of the food &
beverage category and valuable expertise working in the Direct
Store Delivery (DSD), Retail, and Omni Distribution Models. Farmer
Brothers believes his knowledge of value added functional beverage
ingredients, partnerships within the industry and a proven track
record of innovation in the US foods and beverage market will
reinforce and position Farmer Brothers as a leader in beverage
innovation. He most recently served as Chief Executive Officer,
Chief Sales Officer and Founder of International Agriculture Group
LLC, an ingredient technology company, where he was responsible for
managing investor financing, as well as assembling sales, marketing
and technical teams. Prior to that, Mr. Moragne served as General
Manager of the Chiquita Fruit Solutions business division of
Chiquita Brands International, Inc., where he oversaw Sales,
Marketing and Customer Service among other key operating functions.
He previously held other management positions with Chiquita Brands
International, Inc. as well as Naturipe Foods, LLC, L’Oreal USA,
and British American Tobacco. Deverl Maserang, President and Chief
Executive Officer of Farmer Brothers, said, “I am very pleased to
welcome Maurice to the Farmer Brothers team. He has tremendous
experience across multiple types of sales strategies and channels
as well as expertise with extracts and other value-added functional
beverage ingredients that pair extremely well with our focus on
innovation and continuing to deliver the products our customers
need to drive their businesses. Leveraging his expertise from
leadership roles at multi-national branded food and beverage
companies, Maurice also brings strength to Farmer Brothers’ sales
organization and important additional insights that we believe will
help support our eCommerce platform and our optimized offering of
allied products. We look forward to his contributions as we
continue to not only navigate the COVID-19 operating environment
but also execute our turnaround strategy.”
Maurice Moragne added, “I am excited to join Farmer Brothers at
such an important time for the Company and work with Deverl and the
rest of the management team to pursue the opportunities we see
ahead. The rich history and capability that exists at Farmer
Brothers are unique and provide avenues for differentiation and
growth. I look forward to using my food and beverage industry
expertise, innovation experience and retail relationships to help
unlock sales growth opportunities and position Farmer Brothers as a
leader in beverage innovation.”
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. 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 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
extent and duration of the disruption to our business and our
customers related to the COVID-19 pandemic, levels of consumer
confidence in national and local economic business conditions, the
duration and magnitude of the pandemic’s impact on unemployment
rates, the success of the Company’s strategy to recover from the
effects of the pandemic, the Company’s use of proceeds from the
borrowings under the credit facility, the timing and success of our
turnaround strategy, five key initiatives and 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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