FARMER BROTHERS CO appointed John Moore as new CEO

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


CEO Transition


On August 30, 2023, Farmer Bros. Co., a Delaware corporation (the "Company"), and Deverl Maserang, the Company's President and Chief Executive Officer, agreed that Mr. Maserang's employment with the Company will be terminated, without cause, effective September 30, 2023. Mr. Maserang will complete his current term as a member of the Board of Directors of the Company (the "Board") unless his permanent successor is identified prior to the end of his term.


Mr. Maserang's departure is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Upon departure from the Company, Mr. Maserang will receive the previously negotiated severance payments and benefits set forth in his Employment Agreement with the Company, dated September 6, 2019, which is described in the Company's Annual Report on Form 10-K/A filed on October 27, 2022.


The Board has appointed John Moore, the Company's Head of Coffee, as interim Chief Executive Officer, effective October 1, 2023. There are no family relationships between Mr. Moore and any previous or current officers or directors of the Company and Mr. Moore has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.


Mr. Moore, 53, has served as the Company's Head of Coffee since July 2023. Before joining the Company, Mr. Moore served as the chief executive officer for Vassilaros Coffee. Prior to Vassilaros, he was the New York senior trader and general manager at Volcafe Specialty Coffee, the chief executive officer and Managing Partner of FAL Coffee Inc. and the vice president of sales and marketing at Octavio Inc., dba Dallis Coffee. Mr. Moore has 30 years of experience in the coffee industry and has extensive experience in every stage of the coffee value chain, from farms and mills to barista and roasting work both in the United States and internationally. Mr. Moore has founded and led several businesses, including Jolly Roger Imports, ELIXIR Cocktail & Espresso Bar and the German expansion of New York Gourmet GmbH & Co. Mr. Moore is also a Certified Q grader and Cup of Excellence Head Judge. He received a Bachelor of Science degree from Earlham College.


CFO Transition


The Board has appointed Brad Bollner, the Company's Vice President of Finance, as interim Chief Financial Officer, effective October 1, 2023. There are no family relationships between Mr. Bollner and any previous or current officers or directors of the Company and Mr. Bollner has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.


Mr. Bollner, 51, has served as the Company's Vice President of Finance since October 2022. During his more than 25-year finance career, Mr. Bollner has served as Director of Business Analytics at Dave and Busters, Senior Director of Finance at Vail Resorts, Inc. and Vice President - Inventory Planning and Allocation at GameStop 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.