Calavo Growers, Inc. Announces Board Member’s Retirement

Rhea-AI Summary

Calavo Growers, Inc. (CVGW) announced the retirement of Harold S. Edwards from its Board of Directors, effective Feb. 1, 2022. His departure, after 16 years of service, reduces the board size to 10 members, aligning it better with the company’s scale. Chairman J. Link Leavens acknowledged Edwards' significant contributions, while Interim CEO Steve Hollister reaffirmed the strong relationship with Limoneira, where Edwards serves as CEO. Established in 1924, Calavo is recognized as a leader in the avocado industry, providing fresh food products globally.

Positive

• Reduction in board size may streamline decision-making and governance.
• Continued strong relationship with Limoneira, a vital supplier.

Negative

• Loss of a long-serving board member may create continuity concerns.

SANTA PAULA, Calif., Jan. 06, 2022 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and provider of value-added fresh food, today announced that Harold S. Edwards, a member of the Board of Directors since 2006, has decided to retire from the board effective Feb. 1, 2022, to devote more time to his duties as CEO of Limoneira Company.

“We appreciate Harold and his 16 years of service to Calavo and to the board. His contributions have been invaluable,” said Calavo Chairman J. Link Leavens. “Harold’s retirement will bring the size of our board to 10 members, down from a high of 13, which is more in line with a company of our size.”

Steve Hollister, Interim CEO and a member of the Board of Directors, said, “Calavo’s relationship with Limoneira as one of our valued suppliers remains strong, and we look forward to our continued work with Harold in his capacity as Limoneira’s CEO.”

About Calavo Growers, Inc.
Calavo Growers, Inc. is a global avocado-industry leader and provider of value-added fresh food serving retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers worldwide. The Company’s Fresh segment procures and markets fresh avocados and select other fresh produce, including tomatoes and papayas. The Renaissance Food Group (RFG) segment creates, markets and distributes a portfolio of healthy, fresh foods, including fresh-cut fruit, fresh-cut vegetables and prepared foods. The Foods segment manufactures and distributes guacamole and salsa. Founded in 1924, Calavo’s fresh food products are sold under the respected Calavo brand name as well as Garden Highway, Chef Essentials and a variety of private label and store brands.

Safe Harbor Statement
This press release contains statements relating to future events and results of Calavo that are "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, that involve risks, uncertainties and assumptions. These statements are based on our current expectations and are not promises or guarantees. If any of the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of Calavo may differ materially from those expressed or implied by such forward-looking statements and assumptions. The use of words such as "anticipates," "estimates," "expects," "projects," "intends," "plans" and "believes," among others, generally identify forward-looking statements.

For a discussion of the risks and uncertainties that we face, please see the risk factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequent updates that may be contained in our Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Forward-looking statements contained in this press release are made only as of the date of this press release, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:
Financial Profiles, Inc.
Julie Kegley, Senior Vice President
310-622-8246
calavo@finprofiles.com

FAQ

What is the reason for Harold S. Edwards' retirement from CVGW's board?

Harold S. Edwards is retiring to devote more time to his role as CEO of Limoneira Company.

How will Harold S. Edwards' retirement impact Calavo Growers?

His retirement reduces the board size, which may streamline governance but raises continuity concerns due to his long tenure.

What changes are occurring in the board of directors of CVGW?

The board size will decrease from 13 to 10 members following Harold S. Edwards' retirement.

When will Harold S. Edwards' retirement take effect?

His retirement will be effective on February 1, 2022.

What is the significance of Calavo's relationship with Limoneira after Edwards' retirement?

The relationship remains strong, as Edwards continues to serve as Limoneira's CEO, ensuring ongoing collaboration.