FT. WORTH, Texas, Dec. 16, 2016 /PRNewswire/ -- Farmer Bros. Co. (NASDAQ: FARM, the "Company" or "Farmer Bros.") today announced the resignation of Isaac Johnston, Treasurer and Chief Financial Officer, effective January 6, 2017, to accept another opportunity. The Board of Directors has formed a search committee and expects to engage an independent search firm to identify a successor.
"On behalf of the Board and management team, I want to thank Isaac for his leadership and contributions to Farmer Brothers. While we are disappointed to see him leave the Company, we wish him well in the new role he will be taking on," said President and CEO, Michael Keown. "We have a strong finance team in place and are confident this will be a smooth transition. Importantly, our organization is continuing to run on all cylinders. All of us remain intently focused on executing against our key strategic initiatives to smoothly complete our corporate relocation, further enhance the products and service we provide to our customers and create and leverage supply chain efficiencies to further reduce costs – all with the goal to continue delivering superior stockholder value."
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 is a direct distributor of coffee to restaurants, hotels, casinos, offices, quick service restaurants, convenience stores, healthcare facilities and other foodservice providers, as well as private brand retailers.
Headquartered in Fort Worth, Texas, Farmer Bros. Co. generated net sales of over $500 million in fiscal 2016 and has approximately 1,600 employees nationwide. The Company's portfolio features a wide range of coffees including Farmer Brothers®, Artisan Collection by Farmer Brothers™, Metropolitan™, Superior®, Cain's™ and McGarvey®.
Certain statements in this communication 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. Forward-looking statements include, but are not limited to, statements regarding the expected cost savings relating to the Company's corporate relocation. 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.
INVESTOR / MEDIA CONTACT:
Kelly Sullivan / Ed Trissel / Leigh Parrish
Joele Frank, Wilkinson Brimmer Katcher
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/farmer-bros-co-announces-resignation-of-chief-financial-officer-300380214.html
SOURCE Farmer Bros. Co.