BofA update shows where active managers are putting money
Willamette Valley Vineyards, Inc. (NASDAQ:WVVI), whose stock has surged 77% over the past six months, announced amendments to its bylaws, approved by the board of directors on May 27, 2024, according to a recent SEC filing. The changes allow for the separation of the roles of President and Chief Executive Officer (CEO), which were previously combined.
The amended bylaws specify that the President may, but is not required to, serve as the CEO. If the board appoints a separate CEO, it can define the specific responsibilities for each role through a resolution. This modification provides the company with more flexibility in its executive structure. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 3.6, suggesting adequate resources to implement organizational changes.
The full text of the amended and restated bylaws is available as Exhibit 3.1 in the filing. The changes were made to enhance the governance framework of the company, which is based in Turner, Oregon.
Willamette Valley Vineyards, known for its wine production, trades its common stock under the symbol WVVI and its Series A Redeemable Preferred Stock under WVVIP on the NASDAQ Capital Market. This report is based on a press release statement and reflects the company’s commitment to adapting its corporate governance practices.
In other recent news, Willamette Valley Vineyards has appointed Mike Osborn as its new Chief Executive Officer. Osborn, known for founding Wine.com, takes over from Jim Bernau, who announced earlier this year that he would step back from the CEO role but continue as President and Chairman. With over two decades of experience in online retail and marketing, Osborn’s leadership is anticipated to enhance the winery’s national and international presence. Bernau, who has been at the helm since the winery’s inception, has been instrumental in promoting sustainable viticulture and community ownership. The winery is recognized for its sustainable practices, holding certifications from LIVE and Salmon-Safe programs. Osborn expressed enthusiasm about leading the company and building on its legacy of quality and community engagement. This leadership change is part of a broader strategy to expand the winery’s brand and market share. The company remains committed to introducing Oregon’s unique wines to a wider audience.
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