Armanino Foods of Distinction, Inc. Announces Departure of CEO, Tim Anderson
Armanino Foods of Distinction (OTCQX: AMNF) announced that CEO Timothy W. Anderson will resign effective February 17, 2025. Current COO and CFO Edgar Estonina, a 20-year company veteran, will serve as interim CEO. Anderson was credited for leading the company through the pandemic and into a period of rapid and profitable growth, leaving the company in a strong financial position.
Chairman Douglas Nichols announced that director James Ford will lead a board search committee to identify a new CEO immediately. The company, which manufactures and markets frozen Italian specialty food items, maintains a diverse product portfolio including various pesto flavors, sauces, cheese shakers, frozen pastas, and meatballs.
Armanino Foods of Distinction (OTCQX: AMNF) ha annunciato che il CEO Timothy W. Anderson si dimetterà con effetto dal 17 febbraio 2025. L'attuale COO e CFO Edgar Estonina, un veterano dell'azienda con 20 anni di esperienza, assumerà il ruolo di CEO ad interim. Anderson è stato accreditato per aver guidato l'azienda attraverso la pandemia e per averla portata in un periodo di rapida e proficua crescita, lasciando la società in una solida posizione finanziaria.
Il presidente Douglas Nichols ha annunciato che il direttore James Ford guiderà un comitato di ricerca del consiglio per identificare un nuovo CEO immediatamente. L'azienda, che produce e commercializza specialità alimentari italiane surgelate, mantiene un portfolio di prodotti diversificato che include vari gusti di pesto, salse, formaggi grattugiati, pasta surgelata e polpette.
Armanino Foods of Distinction (OTCQX: AMNF) anunció que el CEO Timothy W. Anderson renunciará con efecto a partir del 17 de febrero de 2025. El actual COO y CFO Edgar Estonina, un veterano de la empresa con 20 años de experiencia, asumirá el cargo de CEO interino. Anderson fue reconocido por liderar la empresa durante la pandemia y llevarla a un periodo de rápido y rentable crecimiento, dejando a la compañía en una sólida posición financiera.
El presidente Douglas Nichols anunció que el director James Ford liderará un comité de búsqueda de la junta para identificar un nuevo CEO de inmediato. La compañía, que fabrica y comercializa productos alimenticios italianos congelados, mantiene un portafolio de productos diverso que incluye varias salsas de pesto, salsas, quesos en polvo, pastas congeladas y albóndigas.
Armanino Foods of Distinction (OTCQX: AMNF)는 CEO Timothy W. Anderson이 2025년 2월 17일부로 사임할 것이라고 발표했습니다. 현재 COO이자 CFO인 Edgar Estonina가 20년의 경력을 가진 회사의 베테랑으로서 임시 CEO를 맡게 됩니다. Anderson은 회사를 팬데믹을 겪으며 빠르고 수익성 있는 성장기로 이끌어낸 공을 인정받으며, 회사를 탄탄한 재정적 위치에 남겼습니다.
의장 Douglas Nichols는 이사회 이사 James Ford가 즉시 새로운 CEO를 찾기 위한 이사회 검색 위원회를 이끌 것이라고 발표했습니다. 이 회사는 냉동 이탈리아 특선 식품을 제조 및 판매하며, 다양한 맛의 페스토, 소스, 치즈 분말, 냉동 파스타, 미트볼이 포함된 다양한 제품 포트폴리오를 보유하고 있습니다.
Armanino Foods of Distinction (OTCQX: AMNF) a annoncé que le PDG Timothy W. Anderson démissionnera à compter du 17 février 2025. L'actuel COO et CFO Edgar Estonina, un vétéran de l'entreprise avec 20 ans d'expérience, assumera le rôle de PDG par intérim. Anderson a été salué pour avoir dirigé l'entreprise à travers la pandémie et vers une période de croissance rapide et rentable, laissant l'entreprise dans une position financière solide.
Le président Douglas Nichols a annoncé que le directeur James Ford dirigera un comité de recherche du conseil pour identifier immédiatement un nouveau PDG. L'entreprise, qui fabrique et commercialise des produits alimentaires italiens surgelés, maintient un large portefeuille de produits comprenant diverses saveurs de pesto, sauces, fromages en poudre, pâtes surgelées et boulettes de viande.
Armanino Foods of Distinction (OTCQX: AMNF) gab bekannt, dass CEO Timothy W. Anderson am 17. Februar 2025 zurücktreten wird. Der aktuelle COO und CFO Edgar Estonina, ein 20-jähriger Veteran des Unternehmens, wird als Interim-CEO fungieren. Anderson wurde dafür anerkannt, dass er das Unternehmen durch die Pandemie und in eine Phase schnellen und profitablen Wachstums geführt hat, sodass das Unternehmen in einer starken finanziellen Position verbleibt.
Der Vorsitzende Douglas Nichols gab bekannt, dass der Direktor James Ford ein Suchkomitee des Vorstands leiten wird, um sofort einen neuen CEO zu finden. Das Unternehmen, das gefrorene italienische Spezialitäten herstellt und vertreibt, verfügt über ein vielfältiges Produktportfolio, das verschiedene Pesto-Geschmackrichtungen, Saucen, Käse, gefrorene Pastagerichte und Fleischbällchen umfasst.
- Company is in strong financial position
- Currently experiencing rapid and profitable growth
- Smooth leadership transition with experienced interim CEO
- Unexpected CEO departure creates leadership uncertainty
- Potential disruption during leadership transition period
Mr. Douglas Nichols, Armanino's Chairman, stated, "Tim has been instrumental in leading Armanino through the pandemic and into a period of rapid and profitable growth. We credit him with many important strategic contributions that have placed the Company in a strong financial position and in an enviable position in the marketplace. I express our appreciation for Tim’s work and commitment to the Company. We wish him the best in his future endeavors."
Mr. Nichols continued, “We have asked director James Ford to head a search committee of the board so we can identify a leader who can build on the strong foundation that Tim will be leaving us. That search will begin immediately. In the meantime, we are confident in Mr. Estonina’s abilities to serve again in a transitional role as we search for Tim’s replacement.”
Tim Anderson, in his farewell message to the board stated, “I am tremendously proud of the team we have built at Armanino and the results we have delivered to shareholders. It was a very difficult decision to leave behind the people and the many opportunities that lie ahead for the Company.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino’s organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Cautionary Statements Regarding Forward-Looking Information
The declaration of cash dividends in the future, pursuant to the Company’s dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.
Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are “forward-looking statements” as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company’s relationships with customers and group purchasing organizations; the Company’s ability to increase or maintain the highest margin portions of the Company’s business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.
The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128761920/en/
Edgar Estonina
COO/CFO
(510) 441-9300
amnf@armaninofoods.com
Source: Armanino Foods of Distinction, Inc.
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