Alliance One International, Inc. Announces Details of New Organizational Structure
MORRISVILLE, N.C., Sept. 10, 2018 /PRNewswire/ -- Alliance One International, Inc. (NYSE: AOI) today announced details of its new organizational structure designed to support its diversified business lines by fostering greater collaboration and efficiency. The Company also announced a number of executive leadership appointments to manage the new structure and further advance the "One Tomorrow" transformation initiative.
The new structure will become effective on September 12, 2018. Alliance One International, Inc., which will become Pyxus International, Inc., on September 12, will primarily be a holding company and will be led by Pieter Sikkel, President, CEO and Chairman of the Board of Directors.
"The implementation of our new organizational structure marks a major milestone in our 'One Tomorrow' transformation strategy," said Mr. Sikkel. "The new structure will enable us to focus our resources to support our diversified business lines and capitalize on our core strengths in agronomy and traceability as we rebrand as the trusted provider of responsibly produced, independently verified, sustainable and traceable agricultural products, ingredients and services."
As a holding company, Pyxus will provide shared services, including Finance, Legal Services, Business Services and Human Resources to all company divisions. Finance will be led by Joel Thomas, Executive Vice President, Chief Financial Officer; Legal Services will be led by William O'Quinn, Senior Vice President, Chief Legal Officer and Secretary; Business Services will be led by Tracy Purvis, Senior Vice President, Business Services; and, Human Resources will be led by Laura Jones, Senior Vice President, Human Resources.
The Company's Global Specialty Products division, which includes the Company's investments in the e-liquids, industrial hemp and legal cannabis space, will continue to be led by Bryan Mazur. In this role, Mazur will oversee the new business lines, which will have requisite autonomy to drive innovation and continue to disrupt these fast-growing categories and diverse consumer markets.
The Company's tobacco division, which will retain the Alliance One name to honor the history and legacy of the brand, will be led by Alexandre Strohschoen. Strohschoen previously served as Regional Director for the Company's South American region and brings extensive operational and sales experience to the role as the tobacco division continues to optimize its global footprint and capitalizes on opportunities to meet the evolving needs of tobacco product manufacturers. Graham Kayes, who has served as Executive Vice President, Global Business Relationship Management and Leaf, will retain his current role with Alliance One, reporting directly to Strohschoen.
"This new structure will allow us to create a more flexible and entrepreneurial environment, giving each of our business lines the support they need to evolve and grow," said Mr. Sikkel. "Our objective is to use the advantages we have in creative and dedicated people, global footprint, infrastructure and scale to drive continued growth and success in all of our business lines globally and deliver enhanced value to our shareholders."
In addition, Pyxus is deepening its roots in agronomic services through the development of a value-added agricultural products division, which will focus on expanding the Company's footprint into additional crops. This division will be led by Jose Maria Costa, shifting from his role as Executive Vice President - Global Operations and Supply Chain.
"Many of our contracted tobacco farmers have been increasing their production of non-tobacco crops for quite some time," continued Mr. Sikkel. "As we work with them to increase the yields of these non-tobacco crops, our Value-Added Agricultural Products division will focus on building the value-added processes that will further support the development of markets for these crops and the diversification of farmer incomes."
The Company plans to start using the name Pyxus International, Inc. on September 12, 2018, at which time the shares will begin trading on the NYSE under the symbol "PYX." Until then, the Company's shares will continue to trade on the NYSE under the symbol "AOI."
Further detail on the Company's brand, structure and strategy will be discussed at the upcoming Investor and Analyst Day on September 12, 2018, in New York City.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements: changes in the timing of anticipated shipments, changes in anticipated geographic product sourcing, political instability, currency and interest rate fluctuations, shifts in the global supply and demand position for tobacco products, changes in tax laws and regulations or the interpretation of tax laws and regulations, resolution of tax matters, adverse weather conditions, changes in costs incurred in supplying tobacco and related services, the impact of regulation and litigation and risks and uncertainties associated with our new business lines, including the risk of obtaining anticipated regulatory approvals in Canada, as well as the progress of legalization of cannabis for medicinal and adult recreational uses in other jurisdictions. Additional factors that could cause the Company's results to differ materially from those expressed or implied by forward-looking statements can be found in the Company's most recent Annual Report on Form 10-K for the period ended March 31, 2018 and the other filings with the Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).
About Alliance One International, Inc.
Alliance One International (NYSE: AOI) is an agricultural company that delivers value-added products and services to businesses and customers, and is a trusted provider of responsibly sourced, independently verified, sustainable and traceable products and ingredients.
SOURCE Alliance One International, Inc.
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