Farmer Brothers announces executive departure

Farmer Brothers Co. (NASDAQ:FARM), a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products, reported on Wednesday the departure of Tom Bauer, the company's Vice President and Chief Field Operations Officer. The announcement comes following Bauer's effective resignation on Tuesday, April 8, 2025. The news comes as the company's stock has declined over 21% in the past week, according to InvestingPro data.

The Texas-based company, incorporated in Delaware, has not yet announced a successor or provided details on the circumstances surrounding Bauer's departure. Bauer's role encompassed overseeing the company's field operations, a key component in Farmer Brothers' supply chain and distribution network. The company, which generates annual revenue of about $345 million, currently faces operational challenges with InvestingPro analysis indicating significant cash burn and debt burden concerns.

The news of the executive change was disclosed through a Form 8-K filing with the Securities and Exchange Commission, which is a mandatory submission for companies to report significant events that shareholders should know about.

Farmer Brothers, with a fiscal year ending on June 30, has been a player in the food preparations and kindred products industry, as classified under the Standard Industrial Classification code 2090. The company's business address is listed as 14501 N. Freeway, Fort Worth, Texas, 76177.

The filing did not indicate any immediate financial impact or operational disruptions due to Bauer's departure. Investors and market watchers will be looking to see how Farmer Brothers navigates this transition and what moves it will make to fill the now-vacant executive role.

This report is based on information contained in a press release statement filed with the SEC.

In other recent news, Farmer Brothers Co. reported its second quarter fiscal 2025 earnings, showcasing an adjusted earnings per share of $0.01, surpassing analyst expectations of a $0.09 loss per share. Despite a slight revenue miss, with net sales at $90 million compared to the $90.15 million consensus estimate, the company's gross margin improved significantly by 270 basis points year-over-year to 43.1%. Net income for the quarter was $210,000, a decrease from the previous year, primarily due to a $1.5 million net loss from asset disposals this quarter compared to a $6.1 million net gain last year. The company also saw an increase in adjusted EBITDA, rising to $5.9 million from $2.3 million in the same period last year.

In corporate governance developments, Farmer Brothers adopted new bylaws and held its annual stockholders meeting. During the meeting, several directors were elected for a one-year term, and Grant Thornton LLP was ratified as the independent registered public accounting firm for the fiscal year ending June 30, 2024. The company's executive compensation received advisory approval, with future votes on this matter set to occur annually. These developments reflect Farmer Brothers' commitment to regulatory adherence and transparent shareholder communication.

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