Farmer Brothers Names Family Member to Board
By - 1/14/2005
Los Angeles Business Journal Staff
Farmer Brothers Co. named
Carol Farmer Waite to its board to fill a vacancy created by the death
of her brother, Chairman and Chief Executive Roy E. Farmer, one week
ago.
Farmer died of a self-inflicted gunshot would on Jan. 7 in Huntington
Beach, coroner’s officials said.
Farmer Brothers shares have soared in the days since Farmer’s death, as
speculation raged about whether the company will be sold. At the close
of trading on Friday, Farmer Brothers shares were at $28.70, up from
$22.49 before Farmer’s death was disclosed.
Waite, a retired schoolteacher, was quoted in a press release as saying
the family is “unanimous” in its commitment to the company, adding that
“it is our wish for Farmer Brothers Coffee to continue the legacy of my
grandfather, father and brother.”
Roy F. Farmer, father of Waite and Roy E. Farmer, ran the company until
his death in March 2004. His father and uncle founded the company.
Separately, company officials made assurances that required disclosures
would be made on who will control the Farmer family trust that holds 39
percent of Farmer Brothers’ voting stock.
“We have requested the information from the Farmer family’s attorneys
necessary to enable the Company to make the required filings,” stated a
letter from the company’s attorney, Gary Anglin. “We believe the
information will be forthcoming soon.”
The letter was released by Gary Lutin, who runs a shareholder forum that
has put pressure on Farmer Brothers management.
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