Universal Corporation Announces Leadership Succession
Universal (NYSE: UVV) has announced a leadership succession plan. Preston D. Wigner, currently Senior Vice President, will become Chairman, President, and CEO effective October 1, 2024. He will succeed George C. Freeman, III, who will retire from these roles and the Board. To ensure a smooth transition, Freeman will serve as Vice Chair until December 31, 2024, and then as a Senior Advisor through the fiscal year-end on March 31, 2025.
Wigner, with over 20 years at Universal, has been chosen after a thorough succession planning process. The Board expressed confidence in Wigner's ability to drive the company forward, citing his extensive tobacco industry experience and involvement in the ingredients business strategy. Freeman, who has been with Universal for 27 years, expressed confidence in Wigner's leadership and the company's future prospects.
Universal (NYSE: UVV) ha annunciato un piano di successione per la leadership. Preston D. Wigner, attualmente Vicepresidente senior, diventerà Presidente, Amministratore Delegato e CEO a partire dal 1 ottobre 2024. Verrà a succedere a George C. Freeman, III, che si ritirerà da questi ruoli e dal Consiglio. Per garantire una transizione fluida, Freeman svolgerà il ruolo di Vice Presidente fino al 31 dicembre 2024, per poi diventare Consulente Senior fino alla fine dell'anno fiscale, il 31 marzo 2025.
Wigner, con oltre 20 anni di esperienza in Universal, è stato scelto dopo un accurato processo di pianificazione della successione. Il Consiglio ha espresso fiducia nella capacità di Wigner di guidare l'azienda verso il futuro, citando la sua vasta esperienza nel settore del tabacco e il suo coinvolgimento nella strategia commerciale degli ingredienti. Freeman, che è stato con Universal per 27 anni, ha espresso fiducia nella leadership di Wigner e nelle prospettive future dell'azienda.
Universal (NYSE: UVV) ha anunciado un plan de sucesión de liderazgo. Preston D. Wigner, actual Vicepresidente Senior, se convertirá en Presidente, Director Ejecutivo y CEO a partir del 1 de octubre de 2024. Sucederá a George C. Freeman, III, quien se retirará de estos roles y de la Junta. Para garantizar una transición fluida, Freeman servirá como Vicepresidente hasta el 31 de diciembre de 2024, y luego como Asesor Senior hasta el final del año fiscal, el 31 de marzo de 2025.
Wigner, con más de 20 años en Universal, ha sido elegido después de un exhaustivo proceso de planificación de sucesión. La Junta expresó confianza en la capacidad de Wigner para llevar a la empresa hacia adelante, citando su amplia experiencia en la industria del tabaco y su participación en la estrategia comercial de ingredientes. Freeman, quien ha estado en Universal durante 27 años, expresó confianza en el liderazgo de Wigner y en las perspectivas futuras de la empresa.
유니버설(뉴욕증권거래소: UVV)이 리더십 승계 계획을 발표했습니다. 프레스턴 D. 위그너는 현재 수석 부사장직을 맡고 있으며, 2024년 10월 1일부로 회장, 사장 및 CEO로 취임할 예정입니다. 그는 조지 C. 프리먼 3세를 successor하며, 프리먼은 이러한 역할과 이사회에서 은퇴합니다. 원활한 전환을 보장하기 위해 프리먼은 2024년 12월 31일까지 부회장으로 근무한 후, 2025년 3월 31일 회계연도 종료까지 수석 고문 역할을 수행할 것입니다.
위그너는 유니버설에서 20년 이상의 경력을 가지고 있으며, 철저한 승계 계획 과정을 거쳐 선택되었습니다. 이사회는 위그너가 회사를 앞으로 이끌 수 있는 능력에 대해 자신감을 표명하며, 그의 방대한 담배 산업 경험과 재료 비즈니스 전략에 대한 참여를 언급했습니다. 프리먼은 유니버설에서 27년을 근무하며, 위그너의 리더십과 회사의 미래 전망에 대한 신뢰를 밝혔다.
Universal (NYSE : UVV) a annoncé un plan de succession pour la direction. Preston D. Wigner, actuellement vice-président senior, deviendra président, directeur général et CEO à partir du 1er octobre 2024. Il succédera à George C. Freeman, III, qui prendra sa retraite de ces fonctions et du conseil d'administration. Pour assurer une transition en douceur, Freeman occupera le poste de vice-président jusqu'au 31 décembre 2024, puis sera conseiller senior jusqu'à la fin de l'exercice fiscal le 31 mars 2025.
Wigner, avec plus de 20 ans passés chez Universal, a été choisi après un processus de planification de succession rigoureux. Le conseil a exprimé sa confiance en la capacité de Wigner à faire avancer l'entreprise, citant son expertise considérable dans l'industrie du tabac et son implication dans la stratégie commerciale des ingrédients. Freeman, qui est chez Universal depuis 27 ans, a exprimé sa confiance dans le leadership de Wigner et les perspectives d'avenir de l'entreprise.
Universal (NYSE: UVV) hat einen Nachfolgeplan für die Führungskräfte angekündigt. Preston D. Wigner, derzeit Senior Vice President, wird am 1. Oktober 2024 Vorsitzender, Präsident und CEO werden. Er wird George C. Freeman, III nachfolgen, der aus diesen Funktionen und dem Vorstand ausscheiden wird. Um einen reibungslosen Übergang zu gewährleisten, wird Freeman bis zum 31. Dezember 2024 als Vizevorsitzender fungieren und anschließend bis zum Ende des Geschäftsjahres am 31. März 2025 als Senior Advisor tätig sein.
Wigner, der über 20 Jahre bei Universal tätig ist, wurde nach einem gründlichen Nachfolgeplanungsprozess ausgewählt. Der Vorstand drückte sein Vertrauen in Wigners Fähigkeit aus, das Unternehmen voranzubringen, und verwies dabei auf seine umfassende Erfahrung in der Tabakindustrie und sein Engagement in der Geschäftstrategie für Inhaltsstoffe. Freeman, der 27 Jahre bei Universal war, äußerte sein Vertrauen in Wigners Führung und die zukünftigen Perspektiven des Unternehmens.
- Planned and orderly leadership transition, indicating organizational stability
- New CEO has over 20 years of experience with the company
- Outgoing CEO will support the transition through the fiscal year-end
- Company reported positive momentum from the most recent fiscal year and a strong start to the current fiscal year
- None.
Preston D. Wigner, Senior Vice President, to Become Chairman, President, and CEO, Effective October 1, 2024
Longtime Leader George C. Freeman, III, to Retire as Chairman, President, and CEO
Mr. Freeman to Support Seamless Transition through Fiscal Year-End
Mr. Wigner's appointment as CEO is the culmination of a succession planning process conducted by the Board and assisted over the last two years by a global leadership advisory firm. To support a seamless transition of leadership, Mr. Freeman will serve as Vice Chair of the Company through December 31, 2024, and then as a Senior Advisor through the Company's fiscal year-end on March 31, 2025.
"George has played a critical role in shaping Universal into the company it is today, and we are grateful for his tremendous leadership," said Thomas H. Johnson, Lead Independent Director of Universal's Board. "During the last several years, George and the senior leadership team have consistently delivered value to Universal's shareholders by driving strong tobacco results and establishing our Universal Ingredients business. With the positive momentum from our most recent fiscal year and the strong beginning to our current fiscal year, now is the right time to implement this leadership succession."
Mr. Johnson continued, "We are delighted to name Preston as our next Chairman, President, and CEO. Preston has been a valued member of Universal's senior leadership team for many years. With significant tobacco industry experience, active involvement in our ingredients business strategy from its inception, and deep familiarity with our global organization, Preston has the right mix of skills and expertise to drive Universal forward."
Mr. Wigner commented, "It is a privilege to be named Chairman, President, and CEO of Universal at this exciting time in the Company's 100-plus year history. I am energized by the opportunity to lead our incredible organization and advance our growth strategy by optimizing our leading tobacco business and expanding our ingredients business. Our future success will build on the foundational work we have accomplished under George's leadership as well as our continued efforts to develop and pursue innovative strategies, set new standards of social and environmental performance, and motivate and inspire our global workforce. I am grateful to
"It has been an honor to lead Universal in building and growing our portfolio of agriproducts and extending our sustainable supply chain operations to now support more than 200,000 farmers over five continents," said Mr. Freeman. "We have made incredible advances in the 27 years I have been with Universal, and I thank our talented employees around the world who work tirelessly for all our stakeholders. As I prepare to leave the Board, I would also like to thank each Director for their support and guidance as we have worked to position the Company for success. I have worked closely with Preston, and my decision to retire is made with the utmost confidence in his ability to advance Universal's strategy with the support of the Board and management team and deliver long-term value for our shareholders. I look forward to supporting a smooth transition."
About Preston D. Wigner
Mr. Wigner brings over two decades of industry experience, having joined the Company in 2003. He was appointed Senior Vice President of Universal in December 2023, after serving as the Company's Vice President, General Counsel, and Secretary for nearly 20 years. Prior to joining Universal, Mr. Wigner served as an associate with the law firms Williams Mullen and Hunton Andrews Kurth (formerly Hunton & Williams). Mr. Wigner received his J.D. from the University of Richmond School of Law and holds a B.B.A. in Marketing from James Madison University.
About Universal Corporation
Universal Corporation (NYSE: UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers' evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit www.universalcorp.com.
Forward-Looking Statements
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding the Company's financial condition, results of operation, and future business plans, operations, opportunities, and prospects for its performance are forward-looking statements based upon management's current knowledge and assumptions about future events, and involve risks and uncertainties that could cause actual results, performance, or achievements to be materially different from any anticipated results, prospects, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the failure of any one or more of the assumptions stated herein to prove to be correct; success in pursuing strategic investments or acquisitions and integration of new businesses and the impact of these new businesses on future results; product purchased not meeting quality and quantity requirements; our reliance on a few large customers; our ability to maintain effective information technology systems and safeguard confidential information; anticipated levels of demand for and supply of our products and services; costs incurred in providing these products and services including increased transportation costs and delays attributed to global supply chain challenges; timing of shipments to customers; higher inflation rates; changes in market structure; government regulation and other stakeholder expectations; economic and political conditions in the countries in which we and our customers operate, including the ongoing impacts from international conflicts; product taxation; industry consolidation and evolution; changes in exchange rates and interest rates; impacts of regulation and litigation on its customers; industry-specific risks related to its plant-based ingredient businesses; exposure to certain regulatory and financial risks related to climate change; changes in estimates and assumptions underlying our critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties, and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, and in other documents the Company files with the Securities and Exchange Commission. This information should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2024. The Company cautions investors not to place undue reliance on any forward-looking statements as these statements speak only as of the date when made, and it undertakes no obligation to update any forward-looking statements made.
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SOURCE Universal Corporation
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