Armanino Foods chairman Doug Nichols to retire after 24-year tenure

HAYWARD, California - Armanino Foods of Distinction, Inc. (OTCQX:AMNF), a specialty food manufacturer with a market capitalization of $254 million and impressive 9% revenue growth over the last twelve months, announced that Board Chairman Doug Nichols will retire effective August 15, 2025, according to a press release statement issued by the company.

Nichols has been associated with the specialty Italian food manufacturer for over three decades, serving as a shareholder since 1992, board member since 2001, and chairman since 2009 when he succeeded company founder William J. Armanino.

During his 24-year board tenure, Nichols was instrumental in establishing the company’s quarterly dividend program, which recently reached its 100th consecutive payment. According to InvestingPro data, the company has maintained dividend payments for 26 consecutive years, currently yielding 1.96%, while delivering an impressive 54.57% return over the past year. He also played a key role in initiating the company’s share repurchase program and supported all 11 special dividends declared during his involvement with the company.

"After 100 consecutive quarterly dividends paid, I am very proud of our track record," Nichols stated in the announcement.

The outgoing chairman expressed confidence in the current leadership, particularly highlighting CEO Deanna Jurgens as "a fantastic, creative, talented, and disciplined leader."

Nichols will remain a significant shareholder following his retirement. The board expects to announce succession plans in the near future.

Armanino Foods manufactures and markets frozen Italian specialty food items including various pestos, sauces, filled pastas, and prepared meals to foodservice, retail, and industrial markets. The stock is currently trading near its 52-week high of $8.20, though InvestingPro analysis suggests the shares may be overvalued at current levels. Unlock 5 more exclusive ProTips and comprehensive financial metrics with an InvestingPro subscription.

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