x

Posted 22 September, 2023

FARMER BROTHERS CO appointed new CEO

CEO Change detected for ticker Nasdaq:FARM in a 8-K filed on 22 September, 2023.


  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 and a member of the Company's Board of Directors (the "Board"), had agreed that Mr. Maserang's employment with the Company would be terminated, without cause, effective September 30, 2023. The Company also announced that upon departure from the Company, Mr. Maserang will receive the previously negotiated severance payments and benefits set forth in that certain his Employment Agreement, dated as of September 6, 2019, by and between Mr. Maserang and the Company, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on September 10, 2019 and incorporated herein by reference.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
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
View Company Details
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 and a member of the Company's Board of Directors (the "Board"), had agreed that Mr. Maserang's employment with the Company would be terminated, without cause, effective September 30, 2023. The Company also announced that upon departure from the Company, Mr. Maserang will receive the previously negotiated severance payments and benefits set forth in that certain his Employment Agreement, dated as of September 6, 2019, by and between Mr. Maserang and the Company, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on September 10, 2019 and incorporated herein by reference.


On September 19, 2023, the Board and the Compensation Committee of the Board, as administrator of the Company's Amended and Restated 2017 Long-Term Incentive Plan, approved the partial acceleration of the vesting of an award of 117,187 restricted stock units that were granted to Mr. Maserang on November 1, 2022 so that 35,806 restricted stock units will vest in full on September 30, 2023 in connection with Mr. Maserang's separation from the Company. These restricted stock units represent approximately 92% of the restricted stock units that were originally scheduled to vest on November 1, 2023 if Mr. Maserang had remained employed on such date.


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.