NORTHLAKE, Texas, Aug. 07, 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 its chief financial officer role.
Under the transition plan, the board of directors and Chief Financial Officer Scott Drake have mutually agreed his employment with Farmer Brothers will conclude on Oct. 1, 2023. Mr. Drake will assist with the transition, including finalizing and approving the company's fiscal year 2023 year-end reporting and filings, fiscal year 2024 budget planning and related transitional services associated with the company's recently closed sale of its direct ship business to TreeHouse Foods. The planned transition is not connected to any concerns related to the company's fiscal 2023 financial results, which will be reported on schedule in September.
Farmer Brothers Vice President of Finance Brad Bollner will serve as the interim chief financial officer as the company conducts a search for a new chief financial officer. Mr. Bollner joined Farmer Brothers in 2022. During his more than 25-year finance career, he has served in senior roles at Dave and Busters, Vail Resorts, Inc. and Game Stop Corp. He holds a Bachelor of Science degree in finance and economics from Trinity University and a certification with distinction from Harvard Business Analytics Program.
"As we move forward with our focus on our direct store delivery business the time was right to transition our chief financial officer role. Scott has played an integral part in Farmer Brothers' strategic transformation during his tenure with the company, including helping lead the recent sale of our direct ship business and Northlake, Texas facility," said Chief Executive Officer Deverl Maserang. "We greatly appreciate his service, including through this transition period. We wish Scott the very best."
About Farmer Brothers
Founded in 1912, Farmer Brothers is a national coffee roaster, wholesaler, equipment servicer 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, Farmer Brothers delivers extensive beverage planning services and culinary products to its U.S.-based customers. It serves a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers, such as 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 Brothers generated net sales of $469.2 million in fiscal 2022. The company's primary brands include Farmer Brothers, Artisan Collection by Farmer Brother, Superior, Metropolitan, China Mist and Boyd's.
Investor relations contact
Ellipsis
Investor.relations@farmerbros.com
646-776-0886
Media contact
Brandi Wessel
Director of Communications
405-885-5176
bwessel@farmerbros.com
