Randy Clark Re-Elected to Board and Will Continue in Role as Chairman
NORTHLAKE, Texas, Dec. 06, 2018 (GLOBE NEWSWIRE) — Farmer Bros. Co. (NASDAQ: FARM), a national coffee roaster, wholesaler and distributor of coffee, tea, and culinary products, today announced that stockholders have voted to elect Stacy Loretz-Congdon, independent director, to the Company’s Board of Directors (the “Board”) at its 2018 Annual Meeting of Stockholders (the “Annual Meeting”). Randy Clark, who has served as a director of the Company since 2012, has also been re-elected and will continue in his role as Chairman.
Ms. Loretz-Congdon brings over two decades of leadership experience in the convenience retail and foodservice distribution industry, as well as deep expertise in financial planning, M&A, and accounting. She previously served as the Chief Financial Officer of Core-Mark, where she was instrumental in driving significant value creation during her 26 year tenure with the organization. In addition to her role as CFO, Ms. Loretz-Congdon served on the Information Technology Steering Committee and the Investment Committee at Core-Mark, and as a board member of all Core-Mark subsidiaries.
“We are excited to welcome Stacy to Farmer Brothers’ Board of Directors,” said Randy Clark, Chairman of the Board. “Stacy’s significant experience as a public company CFO and unique industry perspective, including significant DSD experience, will be invaluable to the Board as we continue to execute on our strategy to build sustainable, profitable growth and create long-term value for our shareholders. The addition of Stacy further underscores our commitment to upholding strong corporate governance, including Board refreshment, independence and diversity.”
The preliminary results also indicate that stockholders approved all other proposals at the Company’s Annual Meeting.
The Company will file final voting results with the Securities and Exchange Commission on a Form 8-K once they are certified by the independent inspector of elections.
About Stacy Loretz-Congdon
Stacy Loretz-Congdon retired at the end of 2016 after 26 years of service at Core-Mark, one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America, where she served in various capacities, including as Senior Vice President, Chief Financial Officer and Assistant Secretary from December 2006 to May 2016 and Executive Advisor from May 2016 through December 2016. From January 2003 to December 2006, Ms. Loretz-Congdon served as Core-Mark’s Vice President of Finance and Treasurer and from November 1999 to January 2003 served as Core-Mark’s Corporate Treasurer. Ms. Loretz-Congdon joined Core-Mark in 1990. Ms. Loretz-Congdon’s experience at Core-Mark included oversight of all finance functions, including all corporate finance disciplines, strategy execution, risk mitigation, investor relations, as well as involvement with benefits, executive compensation and technology initiatives. During her tenure as Senior Vice President and Chief Financial Officer, Ms. Loretz-Congdon served on the Information Technology Steering Committee and the Investment Committee at Core-Mark, as well as a board member of all Core-Mark subsidiaries. Core-Mark is a Fortune 500, publicly traded company listed on the NASDAQ Global Market. In 2015, Ms. Loretz-Congdon was named as one of the Top 50 female CFOs in the Fortune 500 by Business Insider and Woman of the Year by Convenience Store News. Prior to joining Core-Mark, Ms. Loretz-Congdon was an auditor for Coopers & Lybrand. Ms. Loretz-Congdon received her Bachelor of Science degree in Accounting from California State University, San Francisco. She is a certified public accountant (inactive) in the State of California. Ms. Loretz-Congdon is an NACD Governance Fellow and NACD Board Leadership Fellow demonstrating her commitment to boardroom excellence by completing NACD’s comprehensive corporate governance programs for directors.
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, department 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 over $600 million in fiscal 2018 and has approximately 1,600 employees nationwide. 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 Katcher
Leigh Parrish, 212-355-4449
