CEO Deverl Maserang to depart Sept 30; board slate set for 2023 annual meeting

FARMER BROTHERS CO

CEO Deverl Maserang's employment terminated without cause effective Sept 30, 2023; receives severance per prior agreement.
Partial acceleration of 35,806 RSUs vesting on Sept 30 (92% of units originally scheduled for Nov 1, 2023 vesting).
Directors David A. Pace and Bradley L. Radoff intend to stand for re-election at the 2023 annual meeting.
Board to be fixed at seven members after annual meeting; slate includes Loretz-Congdon, Pace, Poe, Radoff, Zaman, one agreed director, and new CEO.
Proposed slate would have extended standstill under October 2022 Cooperation Agreement if agreed earlier; current standstill not extended.

item 5.02 item 7.01

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Departed

Deverl Maserang

President and Chief Executive Officer

FARM · FARMER BROTHERS CO

Effective: 2023-09-30
Filed: September 22, 2023, 7:59 PM ET

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.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Deverl Maserang was terminated as President and Chief Executive Officer at FARMER BROTHERS CO.

Action: terminated
Role: President and Chief Executive Officer

Exact text from the filing

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.

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FARMER BROTHERS CO filing history →

Source: SEC EDGAR

accession 0001104659-23-103017

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