FARM - Farmer Brothers announces transition of chief executive officer | Benzinga
NORTHLAKE, Texas, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Farmer Brothers Company (NASDAQ:FARM), a leading roaster, wholesaler, equipment servicer and distributor of coffee, tea and other allied products, announced today it has commenced a transition of the chief executive officer role.
Under the transition plan, the board of directors and Chief Executive Officer Deverl Maserang have mutually agreed his employment with Farmer Brothers will conclude on Sept. 30 and he will complete his current term as a member of the board, unless his permanent successor is identified prior to the end of his term. Farmer Brothers' current Head of Coffee John Moore will assume the role of interim CEO starting Oct. 1. The planned transition is not connected to any disagreements or concerns with the company's operations, policies or practices. Mr. Maserang's continued service as a member of the board will ensure an orderly transition as the company moves forward with its commitment to right sizing its operating cost structure to better align with the current size of the company.
"Under Deverl's leadership, Farmer Brothers implemented a multi-year turnaround effort, managed through the significant business challenges posed by the COVID-19 pandemic, and more recently, executed the sale of our direct ship and private label business, including our production facility and corporate office building in Northlake, Texas as we continue to optimize our manufacturing and distribution network. We greatly appreciate Deverl's tremendous contributions at the management and board levels," said Farmer Brothers Chairman of the Board Alfred Poe. "As we move forward with our full focus on our direct store delivery business, we ...