Farmer
Bros. Bd Names Interim CEO After Roy E. Farmer Unexpectedly Passes Away
DOW JONES NEWSWIRES
January 10, 2005 1:18 a.m.
TORRANCE, Calif. -- Farmer Bros. Co. (FARM) named
Guenter W. Berger interim chief executive after Chairman and Chief
Executive Roy E. Farmer died unexpectedly Friday. He was 52 years old.
A spokesman reached outside normal business hours
Monday said the coffee wholesaler wasn't releasing details of Farmer's
death or commenting on plans for the chairmanship.
Farmer, who had worked for the company his entire adult
life, succeeded his father, Roy F. Farmer, as chief executive in March
2003 and then as chairman in June 2004. The elder Farmer died in March
last year.
The company said in a press release early Monday that
Berger, 67, has served as vice president, production, since 1980 and
oversees inventory in Torrance as well as production, coffee roasting
and distribution operations. Berger, who has been with the company for
44 years, also sits on its board, which now consists of six members.
The board, on which four of the directors are deemed
independent under Nasdaq rules, tapped Berger for the interim role at a
special meeting Sunday, the company said.
Farmer was the 93-year-old company's third chairman,
all of whom have been members of the namesake family.
Farmer Bros. earned $12.7 million, or 81 cents a share,
on revenue of $193.6 million for the fiscal year ended June 30.
The company, which employs about 1,100 workers, said in
the statement that it would release additional information as it becomes
available.
-Tim Paradis; Dow Jones Newswires; 201-938-5400
