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Posted 12 September, 2023

FARMER BROTHERS CO appointed new CEO

CEO Change detected for ticker Nasdaq:FARM in a 8-K filed on 12 September, 2023.


  On September 8, 2023, Mr. Maserang informed the Board of his intention to resign as a member of the Board on September 30, 2023 in connection with the termination of his employment as President and Chief Executive Officer of the Company instead of completing his current term.  

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Overview of FARMER BROTHERS CO
Consumer Goods • Food Products
Farmer Brothers Co. engages in the manufacture, wholesale, and distribution of coffee, tea, and culinary products. The company's products include roasted and liquid coffee, flavored and unflavored teas, coffee related products such as coffee filters, sugar and creamers, culinary products like spices, pancake and biscuit mixes, gravy and sauce mixes, soup bases, dressings, syrups and sauces, other beverages including cappuccino, cocoa, granitas, and concentrated and ready-to-drink cold brew, and iced coffee. The company was founded by Roy E. Farmer in 1912 and is headquartered in Northlake, TX.
Market Cap
$78.6M
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FARMER BROTHERS CO by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


On September 6, 2023, Farmer Bros. Co., a Delaware corporation (the "Company"), announced that the Company and Deverl Maserang, the Company's President and Chief Executive Officer, had agreed that Mr. Maserang's employment with the Company would be terminated, without cause, effective September 30, 2023. The Company also announced that Mr. Maserang would 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.


On September 8, 2023, Mr. Maserang informed the Board of his intention to resign as a member of the Board on September 30, 2023 in connection with the termination of his employment as President and Chief Executive Officer of the Company instead of completing his current term.


As previously disclosed, 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.