Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported that Edmond J. Pera, President and Chief Executive Officer of Armanino Foods of Distinction, Inc. has announced his retirement as President and CEO effective in mid-March. He will stay on as an executive advisor for a transitional period until September 15, 2020, and will remain on the board of directors for the foreseeable future. Mr. Pera, who will turn 80 this year, has served as President and CEO since 2009 after having served as CFO and COO since 2003 and a director since 2000. Under Ed’s leadership as CEO the Company’s revenues more than doubled and profits grew steadily as a result of product line expansions and continuing market penetration by new customer acquisition. “Ed leaves the Company in great shape and positioned to continue his legacy of delivering strong financial results, a menu of high quality products that are respected by competitors and a base of very loyal customers,” said Chairman of the Board Doug Nichols.
“I am most proud of building a stable, disciplined and steadily-growing company that has delivered 78 consecutive quarters of dividends without a hiccup, and 65 consecutive quarters of profitability,” stated Mr. Pera. “I am grateful to the board and shareholders of the Company for their trust and support that allowed me to step into the big shoes of Bill Armanino and continue his family’s legacy in the food industry.”
Succeeding Mr. Pera as only the Company’s 3rd President and Chief Executive Officer since 1990 will be Timothy W. Anderson. Tim will also join the Armanino board. Mr. Anderson brings over 25 years of increasing responsibility in growing brands and business organizations within respected companies, including Pepperidge Farm/Campbell’s Soup, Del Monte Foods and Challenge Dairy Products. Most recently Tim served as Senior Vice President at Challenge Dairy, where he more than doubled the size of the regional butter brand, leading it to become the number two national brand that is available in all 50 states. Under Tim’s management, food service sales and profits for Challenge recorded double digit gains. “Tim’s expertise is in building strong teams, brands and financial results across all channels of business,” said Chairman Doug Nichols. “We are excited for the energy and experience that he brings to our Company.” Tim starts with Armanino Foods in mid-March.
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, Bolognese, Alfredo sauce and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Creamy Garlic, Harissa, Romesco, Chimichurri, and Light Basil Pesto. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces and meatballs are also offered by Armanino Foods.
This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements regarding the Company’s goals and growth prospects. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including general economic conditions, fluctuations in customer demand, competitive factors such as pricing pressures on existing products, and the timing and market acceptance of new product introductions, the Company’s ability to achieve manufacturing efficiencies necessary for profitable sales at current pricing, and the risk factors listed from time-to-time in the Company’s annual and quarterly reports. The Company assumes no obligation to update the information included in this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200302005878/en/
Contacts:
COO/CFO
(510) 441-9300
AMNF@armaninofoods.com
