American Vanguard Announces CEO’s Departure and the Establishment of Executive Office to Drive Change
2024年7月15日 - 9:00PM
ビジネスワイヤ(英語)
American Vanguard Corporation (NYSE: AVD) today reported that
its Chairman and Chief Executive Officer, Eric G. Wintemute,
concluded his position as CEO, effective July 12, 2024. The terms
of his departure are set forth in the Transition Agreement dated
July 3, 2024. Going forward, Mr. Wintemute will continue to serve
as Chairman of the Board and will provide consulting services to
the Company on a part-time basis, if needed.
Speaking for the Company’s Board of Directors, Lead Director,
Scott Baskin stated, “In light of our recent performance, it is
necessary to move more boldly and urgently to improve financial
performance and transform the Company. To that end, we are
establishing an Office of CEO (“OCEO”) to be operated by CFO David
Johnson (17 years at the Company), SVPHR Shirin Khosravi (25+ years
in HR management and design), CIO/General Counsel Timothy Donnelly
(19 years at the Company) and board member, Mark Bassett, PhD, who
has run multiple large, global businesses at Dow, was the Chairman
and CEO at Hemlock Semiconductor and is the architect of our
transformation plan.”
Mr. Baskin continued, “The OCEO will have two main areas of
focus: first, significantly improving strategy execution by the
Company to drive improved earnings and cash flow for the remainder
of the year; and second, accelerating the Company wide
transformation which will lead to better data systems, a simpler,
more customer focused organization, improved market participation
strategies, and more efficient operations. These measures will not
only support our commitment to supply exceptional products to our
customers, but also to provide greater value to our
shareholders.”
Mr. Baskin concluded, “The OCEO includes decades-long experience
in all areas needed to drive change for the better – cash and
working capital management, human capital and organizational
design, P&L management and transformation of business and
digital platforms. All other functions will report to the OCEO for
the duration of our search for a successor CEO, and Mr. Donnelly
will serve as Acting CEO for purposes of financial disclosures. The
OCEO has been given full authority to expedite measures aimed at
increasing profitability with the assistance of our global business
consultant Kearney, and will report to the Board on progress,
direction and initiatives. We will update investors on these
matters in greater detail during our next earnings call in early
August.”
About American Vanguard
American Vanguard Corporation is a diversified specialty and
agricultural products company that develops and markets products
for crop protection and management, turf and ornamentals management
and public and animal health. Over the past 20 years, through
product and business acquisitions, the Company has expanded its
operations into 21 countries and now has over 1,000 product
registrations in 56 nations worldwide. Its strategy rests on three
growth initiatives – i) Core Business (through innovation of
conventional products), ii) Green Solutions (with over 120
biorational products – including fertilizers, microbials,
nutritionals and non-conventional products) and iii) Precision
Agriculture innovation (including SIMPAS prescriptive application
and Ultimus measure/record/verify technologies). American Vanguard
is included on the Russell 2000® and Russell 3000® Indexes. To
learn more about American Vanguard, please reference the Company’s
web site at www.american-vanguard.com.
The Company, from time to time, may discuss forward-looking
information. Except for the historical information contained in
this release, all forward-looking statements are estimates by the
Company’s management and are subject to various risks and
uncertainties that may cause results to differ from management’s
current expectations. Such factors include weather conditions,
changes in regulatory policy and other risks as detailed from
time-to-time in the Company’s SEC reports and filings. All
forward-looking statements, if any, in this release represent the
Company’s judgment as of the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240715528006/en/
Company Contact: American Vanguard Corporation Anthony Young,
Director of Investor Relations (949) 260-1200
anthonyy@amvac.com
Investor Representative: The Equity Group Inc.
www.theequitygroup.com Lena Cati Lcati@equityny.com
American Vanguard (NYSE:AVD)
過去 株価チャート
から 7 2024 まで 8 2024
American Vanguard (NYSE:AVD)
過去 株価チャート
から 8 2023 まで 8 2024